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YES Bank Ltd shares fell as much as 8.5 per cent to Rs 188.25, their lowest since November 1 as the private sector lender had said on Thursday that O. P. Bhatt resigned as an external expert of the 'Search & Selection Committee' set up to find a new CEO.
At 1.55 pm, the shares were trading down by 8.37 per cent at Rs 188.75 on the BSE. On the NSE, the shares were down 8.31 per cent at Rs 188.75.
Bhatt's resignation from the post was due to “potential conflict of interest”, the bank said in a statement.
Citi says the resignation comes at a time when YES Bank is going through significant management and board changes. “Believe that the multiple board and management changes, along with uncertainty around divergence report for FY18, could keep the stock range-bound despite low valuations”, it says.
Over 37.8 million shares changed hands, compared with the 30-day moving average of 46.1 million shares. The stock has lost as much as 14.3 per cent in two sessions since the chairman's resignation late on Wednesday. YES Bank stock had fallen about 34.7 per cent this year as of last close.
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