The YES Bank stock closed lower after the conclusion of its board meeting today. The stock ended 6.56% or 12.25 points lower at 174.55 level on the BSE. On Nifty, the stock fell 6.32%. The stock has fallen after two days of consecutive gains and was the top loser on Sensex, Nifty today.
It hit an intra day high of 194.30 or a gain of 4.01% in trade today.
However, the stock saw profit booking at higher levels and pared all gains made during the day to close in the negative territory.
28 of 47 brokerages rate the stock "buy" or 'outperform', 13 "hold", four "underperform" and two "sell", according to analysts' recommendations tracked by Reuters.
The bank said its Search & Selection Committee has discussed the possible candidates for the CEO and MD post and would soon engage with the candidates over the next days for finalisation. It would send the final recommendation to the Reserve Bank of India post the next board meeting scheduled on January 9, 2019.
On the appointment of new MD and CEO, the lender said, "The Search & Selection Committee (SSC) and the Board of Directors are on track to complete the said process within the stipulated timelines of the Reserve Bank of India. The SSC has discussed and deliberated on the final shortlisted external and internal candidates presented by Korn Ferry post their comprehensive interviews and assessment. The SSC will now engage with the candidates over the next few days for finalization. The final recommendation will be submitted to the Reserve Bank of India by the Board of Directors post their next meeting scheduled on January 9, 2019."
The bank in a communication to the bourses said, "The Bank's Nomination & Remuneration Committee (N&RC) and Board of Directors have finalised the recommendation for non-executive part-time chairman position and shall be promptly seeking requisite approvals from the Reserve Bank of India.
Following the last meeting of the N&RC, two newly appointed additional directors (independent}, TS Vijayan and Uttam Prakash Agarwal attended their first Board Meeting today. The Board strength now stands restored at 8 members with only 1 vacancy.
Last month, YES Bank said its board on December 13 would recommend names for new chairman to be approved by the RBI as well as consider appointment of independent directors.
Edited by Aseem Thapliyal