As was expected, Yes Bank today morning figures out among the top five losers on the BSE. The stock opened with a loss of over 3%, going down further over 8% to hit an intraday low at Rs.41.20; it currently hovers in the Rs.41 range.
The reason for this fall; firstly its Independent Director, Uttam Prakash Agarwal gave in his resignation on Friday evening, citing serious concerns on the state of affairs in the bank.
Citing his reasons in the letter, he said:
There are serious concerns as regards deteriorating standards of the corporate governance, failure of compliance, management practices and the manner in which the state of affairs of the Company are being conducted by Mr. Ravneet Gill- MD/ CEO, Dr. Rajiv Ubeoi- Senior Group President Governance & Controls, Mr. Sanjay Nambiar- Legal Head and Board of Directors. I have raised my concerns on these very critical matters from time to time in the overall interest of Yes Bank Ltd., and millions of its small and large depositors, investors, shareholders and all other stakeholders.I have left no stone unturned to discharge my duties and thus wrote a letter detailing all these matters in the attached letter dated 9th January, 2020 (which is submitted to all the regulatory authorities).