Yes Bank reverses early gains; shares fall 3% ahead of board meeting

Paring its early sharp gains, Yes Bank closed nearly 3 per cent lower on BSE ahead of its board meeting to be held later in the day to decide the future course of action after the RBI curtailed the term of its MD and CEO Rana Kapoor.

Despite a positive opening and surging 5.45 per cent to Rs 238.60 in intra-day, shares of the company failed to hold on the momentum and fell by 2.83 per cent to end at Rs 219.85 on BSE.

In intra-day, the stock witnessed heavy volatility plunging 12.19 per cent to Rs 198.65 -- its 52-week low.

At NSE, shares of the company declined 2.95 per cent to close at Rs 219.70.

Yes Bank's board will meet Tuesday to decide on future course of action following the RBI's directive that the current CEO and MD Rana Kapoor should step down by end-January.

Kapoor, who has been managing director and CEO since the bank's inception in 2004, had sought a three-year extension till August 31, 2021. However, the sector regulator did not agree to the request and permitted him to continue only until January 2019.