YES Bank cracks 8% after board says yet to finalise new MD & CEO

Shares of YES Bank cracked as much as 7.9 per cent to Rs 172 on BSE towards the fag-end of the session on Tuesday, after the private sector lender said it is yet to finalise the name of MD & CEO. The bank held board meeting during the day where it finalised a part-time non-executive Chairman and said the final recommendations with respect to MD & CEO will be submitted to the Reserve Bank of India (RBI) post January 9. 

"The Bank's Nomination & Remuneration Corrunittee (N&RC) and Board of Directors have finalised the recommendation for Non-Executive Part-Time Chairman position and shall be promptly seeking requisite approvals from the Reserve Bank of India," YES Bank said in its press release. CLICK HERE FOR THE RELEASE

The next board meeting will be held on January 9.

On new MD and CEO appointment, YES Bank further said the 'Search & Selection Committee' (SSC) and the Board of Directors are on track to complete the said process within the stipulated timelines of the Reserve Bank of India.

The stock has taken a heavy beating since September when the RBI trimmed MD & CEO Rana Kapoor's tenure till January 31, 2019. Shares of the bank have fallen 42 per cent since September 10 against around 6 per cent decline in the S&P BSE Sensex. 

On Thursday, the stock slipped 10 per cent from its early morning high. It climbed 4 per cent to Rs 194 in the intra-day trade. The stock has rallied 18 per cent in the past three trading days, ahead of board meeting. Shares of the bank settled at Rs 174.70 apiece on BSE, down 6.48 per cent.