Yes Bank shares drop 9% after Ashok Chawla resigns as non-executive chairman

Shares of Yes Bank fell 9 per cent Thursday after the private sector lender's non-executive chairman Ashok Chawla stepped down with immediate effect.

The scrip of Yes Bank declined 9.07 per cent from the previous close to a low of Rs 202.30 on the BSE. The stock is currently trading at Rs 207.15, 6.9 per cent lower from the Wednesday's closing.

On NSE, the stock dropped 9.06 per cent to the day's low of Rs 202.25. The scrip is now trading at Rs 207.05, down 6.9 per cent from the previous close.

In a regulatory filing to the stock exchanges on Wednesday, Yes Bank announced that Ashok Chawla, non-executive independent part-time chairman, had tendered his resignation from the bank's board, with immediate effect, mentioning that during the current transition period, the bank would need a chairman who could devote more time and attention.

The bank further said it would announce the appointment of a new chairman in "due course" post RBI's approval.