YES Bank hits 8-week low; stock falls 14% in 8 days

Shares of YES Bank dipped 7% to Rs 338 on the BSE in early morning trade, its lowest level since July 4, 2018.

Shares of YES Bank hit an 8-week low of Rs 338 per share, down 7% in early morning trade on the BSE on the back of heavy volumes.

YES Bank on Thursday after market hours said it has received the Reserve Bank of India’s (RBI's) approval for the continuance of Rana Kapoor as managing director and CEO of the bank till further notice from the central bank.

“We wish to inform you that the Bank has received the RBI' s approval that Shri Rana Kapoor may continue as Managing Director & CEO of YES Bank till further notice from RBI,” YES Bank said in a regulatory filing.

Shares of the bank had slid in the past few sessions amid pending approval from RBI on Kapoor's re-appointment.

The stock of private sector lender was trading at its lowest level since July 4, 2018. It underperformed the market by falling 14% in past eight trading days, as compared to 1% rise in the S&P BSE Sensex.

A combined 24.53 million equity shares of the bank have changed hands in first 20 minutes of trading on the NSE and BSE. On an average, 18 million shares were traded daily in past two weeks on both the exchanges.

At 09:38 am; YES Bank was trading 3.6% lower at Rs 349 on the BSE, as compared to 0.31% rise in the S&P BSE Sensex. The stock hit an all-time high of Rs 404 on August 20, 2018, in intra-day trade.