Yes Bank shares slipped as much as 6.5 percent in morning on Tuesday after the third board member resigned on Monday.
The private sector lender informed exchanges that Rentala Chandrashekhar, Independent Director has tendered his resignation from the bank's board, with immediate effect, due to personal reasons.
It was the third member to resign from the bank's board after Vasant Gujarathi and Ashok Chawla tendered their resignation as an independent director and non-executive (independent) chairman of the board on November 14.
Yes Bank said the Nomination & Remuneration Committee of the bank will look for a suitable replacement in the field of information technology and cyber security.
The resignation has been taking place especially after the RBI asked Rana Kapoor to step down as MD & CEO in January and reaffirmed that a successor to Kapoor should be appointed by February 1, 2019.
Selection Committee' has mandated Korn Ferry to assist the Committee in evaluating both internal and external candidates and make suitable recommendations to the Board of Directors within stipulated timelines for RBI's final approval. The bank's appointed committee is targeting to complete this recruitment process latest by mid December 2018.
The stock corrected 48 percent in last three months, especially after RBI's decision to change MD & CEO.
At 09:58 hours IST, the stock was quoting at Rs 198.65, down Rs 6.40, or 3.12 percent on the BSE.
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