Yes Bank shares plunge over 5 pc after independent director resigns

Shares of Yes Bank on Friday tumbled over 5 per cent after the company's Independent Director Uttam Prakash Agarwal resigned citing "serious concerns" on "deteriorating practices" and the state of affairs at the private sector lender.

The scrip plunged 5.29 per cent to close at Rs 44.80 on the BSE. During the day, it dropped 7.18 per cent to Rs 43.90.

On the National Stock Exchange (NSE), it dived 4.96 per cent to close at Rs 44.95.

The stock was the worst hit among the Nifty-50 components.

In terms of traded volume, 159.19 lakh shares of the company were traded on the BSE and over 30 crore shares on the NSE during the day.

"I hereby tender my resignation from the office of the independent director of Yes Bank as also chairman of audit committee and member of all other committees of the board with immediate effect," he said in his resignation letter addressed to Non-Executive Part-Time Chairman Brahm Dutt.

There are serious concerns regarding deteriorating standards of corporate governance, failure of compliance, management practices and the manner in which the state of affairs of the bank are being conducted by CEO and MD Ravneet Gill; Rajiv Uberoi, senior group president (governance & controls); Sanjay Nambiar, legal head and the board, Agarwal said in the letter.