Shares of Yes Bank faced huge selling pressure Wednesday, plunging nearly 7 per cent to wipe out Rs 3,936.49 crore from its market valuation.
The scrip dropped 6.85 per cent to settle at Rs 231.75 on the BSE. Intra-day, it dived 8 per cent to Rs 228.85.
The stock was the worst hit among the 30 blue-chips.
On the NSE, shares of the company fell by 6.83 per cent to close the trade at Rs 231.90.
The company's market valuation slumped Rs 3,936.49 crore to Rs 53,517.51 crore on the BSE.
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In terms of the equity volume, 34.77 lakh shares of the company were traded on the BSE and over 3 crore shares changed hands on the NSE during the day.
Reserve Bank Wednesday refused to grant more time to Yes Bank's long serving CEO and MD Rana Kapoor and asked the private sector lender to appoint his successor latest by February 1, 2019.
"The Reserve Bank of India has reaffirmed that a successor to Shri Rana Kapoor, MD & CEO, YES Bank should be appointed by February 1, 2019," the lender said in a stock exchange filing post market hours Wednesday.
The RBI had earlier 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.
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