YES Bank slumps to 52-week low

Shares of YES Bank continued to fall for the second session today. The stock plunged nearly 10 per cent to hit its one-year low.

Despite opening on a strong note, the stock failed to hold on to the gains and later cracked 9.22 per cent to Rs 184.45 - its 52-week low - on the BSE. On the NSE, the stock dropped 9.64 per cent to hit a one-year low of Rs 183.65.

Shares of YES Bank had witnessed massive selling pressure on Thursday. The stock was the worst hit among the blue-chips on both the key indices during the morning trade on Friday.

YES Bank shares rose nearly 2 per cent on Wednesday, a day after the company’s board decided to seek at least a three-month extension from RBI for its MD and CEO, Rana Kapoor, beyond January 31, 2019.

The Reserve Bank of India had last week curtailed the three-year term that the board had sought for Kapoor, also one of the promoters of the bank, to January 31, 2019, and asked the bank to find a replacement.

The Board of YES Bank, which met on Tuesday, decided to request for a one-year extension for its chief executive officer Rana Kapoor's term until September 30, 2019. The Board also set up a search panel to select Kapoor's successor.

RBI earlier turned down the Board's request for another three-year term for Kapoor until August 31, 2021 and extended it only up to January 2019. The bank said it is seeking the extension of the tenure so that Kapoor can finalise the results of the financial year and also conduct the annual general meeting while trying to handhold the new CEO.

Rana Kapoor has been managing director and CEO since the bank's inception in 2004. Ahead of the Board meeting, the bank said it has performed consistently under the leadership of Kapoor, trying to drum up support for him.