Markets

YES Bank moves to fill board posts; stock climbs 3%

NEW DELHI: Shares of YES Bank climbed 3 per cent on BSE in morning trade on Thursday after media reports suggested that the board meeting will be held on December 13 to discuss, among other things, the appointment of chairman, chief executive and independent director.

After the resignation of three board members—Ashok Chawla, Vasant Gujarathi and Rentala Chandrashekhar — Yes Bank on Tuesday said the board would now “consist of seven members with the addition of one board member, Uttam Prakash Agarwal, concurrently.”

Getting into damage control mode, Brahm Dutt, chairman of the Nomination and Remuneration Committee (N&RC), and Rana Kapoor, MD and CEO of the bank, said: “The selection process for the new MD and CEO is on track, as per committed timelines.”

Extending the gains into the second session, shares of the company traded 2.27 per cent higher at Rs 202.50 on BSE around 10:15 am. The BSE Sensex was up 0.29 per cent at 35,301 at that time.

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