NEW DELHI: Shares of YES Bank declined nearly 7 per cent on Friday even as the Reserve Bank of India (RBI) allowed CEO Rana Kapoor to continue in his present position till further notice.
The RBI announcement came just a day before Kapoor's current 3-year term was about to end.We wish to inform you that the bank has received RBIs approval that Rana Kapoor may continue as Managing Director and CEO of Yes Bank till further notice from the RBI.
You are requested to take note of the same, the bank told stock exchanges in a notice.The stock fell 6.6 per cent to hit a low of Rs 338 on the BSE.
Kapoor has been the founder CEO with the bank since its inception in 2004.
YES Bank shareholders had approved another 3-year term for him in June.
However, the mandatory RBI nod was yet to come, fuelling speculation about Kapoors future.