Yes Bank Ltd falls as much as 5.4 per cent to Rs 219.40, among the top per cent losers on the NSE index after RBI denied extension to CEO Rana Kapoor.
The Reserve Bank of India directed the private-sector lender to appoint a successor to CEO Rana Kapoor by Feb 1, 2019, denying the bank's request to extend Kapoor's term. Last month, RBI said Kapoor can only stay in his job until Jan 31, without specifying a reason, even though Yes Bank's shareholders had agreed to extend his term for 3 years.
Yes Bank had then asked for RBI's approval to extend Kapoor's term beyond Jan to allow more time to find a replacement. The bank aims to complete the recruitment process by mid-December, it said on Wednesday.
As of last close, stock had lost 26.4 per cent this year.