Yes Bank slips 6% as board finalises recommendations for new part-time chairman

Yes Bank shares fell 8 percent intraday Thursday after conclusion of board meeting for appointment of chairman and additional directors.

The bank’s Nomination & Remuneration Committee (N&RC) and Board of Directors have finalised the recommendation for non-executive part-time chairman position and shall be promptly seeking requisite approvals from the Reserve Bank of India.

The newly appointed additional directors (Independent) T S Vijayan and Uttam Prakash Agarwal attended their first board meeting today.

The Search & Selection Committee (SSC) and the Board of Directors are on track to complete the said process within the stipulated timelines of the Reserve Bank of India, bank said in release.

The SSC has discussed and deliberated on the final shortlisted external and internal candidates presented by Korn Ferry post their comprehensive interviews and assessment. The SSE will now engage with the candidates over the next few days for finalization.

The final recommendation will be submitted to the Reserve Bank of India by the Board of Directors post their next meeting scheduled on January 9, 2019.

At 15:08 hrs Yes Bank was quoting at Rs 175.40, down Rs 11.40, or 6.10 percent on the BSE.

First Published on Dec 13, 2018 03:11 pm