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Yes Bank shares tumble over 8 pc; m-cap drops by Rs 2,873 cr

Press Trust of India  |  New Delhi 

Shares of plummeted over 8 per cent Wednesday after the RBI appointed an on the board of the

In a rare move, the of appointed its former R on the board of the

"This is to inform you that the vide its letter dated May 14, 2019 informed that in exercise of powers conferred under sub- section (1) of Section 36AB of the Banking Regulation Act, 1949, appointed R Gandhi, Ex Deputy Governor, as on the board of the bank for a period of two years with effect from May 14, 2019 to May 13, 2021 or till further orders, whichever is earlier," said in a regulatory filing.

The scrip tumbled 8.01 per cent to close at Rs 143.65 on the BSE. During the day, it plummeted 8.74 per cent to Rs 142.50 -- its 52-week low.

At the NSE, the shares tanked 8.27 per cent to close at Rs 142.95.

The company's market valuation declined by Rs 2,873.42 crore to Rs 33,275.58 crore on the BSE.

The scrip was the worst hit among the frontline on both the Sensex and Nifty.

Commenting on hitting 52-week lows, Mustafa Nadeem, CEO, said, "Prices are in a bearish trend. Since the last few quarters stock has been in the due to concern over its balance sheet, asset quality, exposure to IL&FS, directors and now RBI appointing an for two years.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 15 2019. 19:26 IST