Yes Bank continues to drop; down 7% after Bhatt resigns from search panel

Shares of Yes Bank Friday slumped over 7 per cent a day after former SBI chairman O P Bhatt resigned from the panel set up to find a successor to its MD and CEO Rana Kapoor.

Yes Bank, Thursday, too, plunged by 7 per cent after the resignation of the private sector lender's non-executive chairman Ashok Chawla.

The bank's scrip on BSE closed at Rs 191.3 Friday, a fall of 7.14 from the previous close. In the intra-day, it had plunged 8.78 per cent to Rs 187.9.

On the NSE, shares of the company settled 6.49 per cent lower at Rs 192.5. It had touched a low of Rs 187.80 and a high of Rs 201.75 during the trading session.

In a filing to the stock exchanges on Thursday, Yes Bank said that Bhatt has resigned from the panel set up by the private sector bank to find a successor to its MD and CEO Rana Kapoor.

Bhatt, who was an external expert on the Search and Selection Committee (S&SC), resigned with "immediate effect" as "there may be a potential conflict of interest", the bank added.

Bhatt is under CBI's scanner in connection with loans given to the now defunct Kingfisher Airlines, promoted by Vijay Mallya.

On Wednesday, Yes Bank's non-executive chairman Chawla had resigned as his name figured in a CBI chargesheet filed in the Aircel-Maxis case.

Earlier, the Reserve Bank had already asked the private sector bank to find replacement of founder MD and CEO by January 31.

Last month, Yes Bank had said the panel looking for a successor to MD and CEO Rana Kapoor has finalised the potential candidate profile.