Shares of Yes Bank Thursday plunged over 6 per cent on the stock exchanges as the private sector lender is yet to appoint new MD and CEO.
The stock tanked 6.48 per cent to close at Rs 174.7 on the BSE. Intra-day, it touched a low of Rs 172, a plunge of 7.92 per cent from the previous close. However, it had risen 4 per cent during the trading session.
On the NSE, the stock declined 6.32 per cent to end at Rs 174.8. It had hit a high of Rs 193.2 and a low of Rs 172.3.
The lender was also the biggest loser in the Sensex pack.
Prior to this drop, Yes Bank surged 13 per cent in the last three trading sessions ahead of the board meeting scheduled for Thursday.
According to analysts, the decline in the counter could be attributed to the outcome of Yes Bank's board meeting as investors were hoping that the lender will name an MD and CEO in the meeting, but that has been deferred to the January 9 meeting.
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In a regulatory filing, the bank said, "The bank's nomination & remuneration committee and board of directors have finalised the recommendation for non-executive part-time chairman position and shall be promptly seeking requisite approvals from the Reserve Bank of India".
The bank, however, did not disclose the candidate's name.
The move was necessitated following the resignation of Ashok Chawla from the post last month.
On the appointment of new MD and CEO, the bank said the 'Search & Selection Committee' (SSC) and the board are "on track" to complete the process within the stipulated timeline given by the RBI.
The recommendation in this regard will be submitted to the RBI post January 9, 2019 meeting, it added.
In September, the RBI decided against extending Rana Kapoor's term as MD and CEO beyond January 31, 2019 and asked the bank to find a replacement.