Yes Bank Shares Fall Over 6% After Rentala Chandrashekhar Resigns From Board
Private sector lender Yes Bank Ltd was the top loser on both the key indices after its non-executive and independent director Rentala Chandrashekhar resigned on Monday, in addition to a slew of resignations from its board in last few weeks. Shares of the lender plunged as much as 6.7 per cent on Tuesday, closing at Rs 192.55, down Rs 12.50 or 6.10 per cent on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), Yes Bank shares settled at Rs 192.50, with a loss of Rs 12.3 or 6.01 per cent.Â
Yes Bank shares opened at Rs 198.55 apiece on Tuesday as compared to the previous close of Rs 205.05 on the BSE. On the NSE, Yes Bank shares opened at Rs 198.00 against the last close of Rs 204.80. The S&P BSE Sensex ended at 300.37 points lower at 35,474.51. The broader Nifty50 settled at 10,656.20, down 107.20 points.
In a regulatory filing on Monday, the lender informed that Mr Chandrashekhar, bank's Independent Director, has tendered his resignation from the bank's board, with immediate effect, due to personal reasons. "The Nomination and Remuneration Committee (N&RC) of the bank will look for a suitable replacement in the field of Information Technology and Cyber Security in terms of applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Companies Act, 2013 and Banking Regulation Act, 1949," the lender said.
Last week, Ashok Chawla also resigned as non-executive chairman of Yes Bank. According to sources, Mr Chawla offered to quit as controversy was being generated on his continuance on the board of directors following his name appearing in a CBI charge-sheet in the Aircel-Maxis case. Another independent director Vasant Gujarathi too tendered his resignation with immediate effect due to personal commitments, the bank said in a filing last Thursday.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
