Yes Bank stock surges after board meeting decision on Rana Kapoor

Shares of Yes Bank rose by nearly 2 percent Wednesday, a day after the company board decided to seek at least a three-month extension from RBI for its MD and CEO Rana Kapoor beyond January 31, 2019.

The stock gained 1.73 percent to end at Rs 223.65 on BSE. During the day, it surged 4.41 percent to Rs 229.55.

On NSE, shares of the company rose by 1.82 percent to close at Rs 223.70.

In terms of equity volume, 38.26 lakh shares of the company were traded on BSE and over 6 crore shares changed hands on NSE during the day.

Yes Bank shares closed nearly 3 percent lower Tuesday.

The RBI had last week 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.

In a regulatory filing, the bank said Kapoor has been in his position since the inception in 2004 and finding a suitable successor is a "time-consuming challenge".