Yes Bank gains over 8% ahead of board meeting

Yes Bank shares gained more than 8 per cent ahead of the bank’s board meeting on Thursday to select the new MD & CEO to replace incumbent Rana Kapoor.

The bank’s shares were gaining right from opening trade and closed at the high point of the day, closing 7.29 per cent up at Rs 177.40 on the BSE and at Rs 177.85 on the NSE.

Yes Bank was the top traded stock on both the bourses with a combined turnover of Rs 1,620 crore.

The bank’s board will meet on December 13 and will take a call on appointing a new chief and two independent directors. The board is also expected to send their names to the RBI for its approval. The name(s) for the new chairman would also be sent to the RBI after Ashok Chawla’s resignation as chairman on November 14.

On Wednesday, a day before the scheduled board meeting, Yes Bank’s search & selection committee and the nomination & remuneration committee are scheduled to meet to discuss the final shortlist of names for a new MD & CEO.

Yes Bank shares have fallen more than 50 per cent and most of it came after mid-September when the central bank trimmed Rana Kapoor’s tenure to January 31, 2019 through a September 17 letter. Earlier in June, Yes Bank's shareholders had approved the re-appointment of Rana Kapoor as MD & CEO for three years, subject to RBI approval.