After Rana Kapoor, Ashok Chawla’s Resignation Jolted Yes Bank’s Shares in Stock-market

Private sector lender Yes Bank is again come down at crossroad with no other alternative left except wait. Shares of Yes Bank tumbled 8 percent intraday Thursday on the back of resignation of Non-Executive (Independent) Part-time Chairman of the bank.

The bank in its BSE filing said that, the Non-Executive (Independent) Chairman of Yes Bank Ashok Chawla has resigned on November 14 with immediate effect.

Also, Vasant Gujarathi has tendered his resignation as an independent director of the bank on November 14, 2018 with immediate effect, due to personal commitments. Uttam Prakash Agarwal has been appointed as an additional director (Independent).

Chawla has been serving as the Chairman of NSE, a quasi-regulator under the SEBI Act, since 2016. He was also the Chairman of Yes Bank, overseeing the leadership transition in the bank.

However, the bank acquired 29,28,504 equity shares, constituting 12.99% of Valecha Engineering, pursuant to invocation of pledge on the said equity shares.

Also it has acquired 2,30,655 equity shares, constituting 30 percent of Valecha Investments, pursuant to invocation of pledge on the said equity shares subsequent to default by promoters group companies in the credit facility provided by the bank.

At 10:22 hrs Yes Bank was quoting at Rs 205.35, down Rs 17.15, or 7.71 percent on the BSE.