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YES Bank share falls over 3% after SBI nominee director resigns

BusinessToday.In     October 29, 2020

Shares of YES Bank fell over 3% on Thursday after the private sector lender said that Swaminathan Janakiraman, the nominee director appointed by State Bank of India, has resigned with effect from October 28, 2020.

The private sector lender in an exchange filing said, "Pursuant to Regulation 30 of the SEBI(Listing Obligation & Disclosure  Requirements) Regulations, 2015, this is to inform that Mr Swaminathan Janakiraman has submitted his resignation as Nominee Director appointed by State Bank of India on the Board of Yes  Bank Limited."

Earlier at the opening bell, YES Bank share price hit intraday high of Rs 12.45. Later, the stock erased gains and fell 3.2% to the intraday low of Rs 12.11, as against the earlier close of Rs 12.52 on BSE.

The share price of the private sector lender has fallen 2% in the last week, 7% in one month and 73% since the beginning of the year. YES Bank stock is trading lower than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the firm stood at Rs 30,992 crore as of today's session.

Stock price of YES Bank has fallen 7.34% in the last 4 days.

"Accordingly, Swaminathan Janakiraman ceases to be a director of the bank with effect from the end of today, i.e. October 28, 2020," the lender said in its filing.

Janakiraman, in his resignation letter, addressed to Yes Bank MD&CEO Prashant Kumar said, "I wish to submit my resignation from the board of directors of Yes Bank as a nominee director, effective today October 28, 2020. SBI will be shortly nominating a replacement in my place. Request you to place this before the board of directors for taking on record."

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