Yes Bank shares tank after search committee member quits

The Search and Selection Committee was set up with Bhatt and former LIC chairman TS Vijayan as members.
File Image of Yes Bank used for representational purpose only.
File Image of Yes Bank used for representational purpose only.

MUMBAI:  Yes Bank’s woes as of now seem unending. Shares of the company have been on roller coaster ride ever since the news of Reserve Bank of India denying extension to its managing director Rana Kapoor. On Friday, Yes Bank’s shares closed 7 per cent, down at Rs 191, after the bank said OP Bhatt, former chairman, State Bank of India, one of the two-member Search and Selection Committee appointed to look for a successor to Kapoor, quit. Yes Bank share prices have now come off from its 52-week high price of Rs 404. 

The Search and Selection Committee was set up with Bhatt and former LIC chairman TS Vijayan as members. They, in turn, had appointed headhunter Korn Ferry. However, it has been a dramatic succession of exits this week. On Wednesday, Yes Bank chairman Ashok Chawla quit as the Board decided to look for someone who would give more time for the bank, and on Thursday, Bhatt put in his papers, citing conflict of interest.

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