Yes Bank says on track to find CEO within RBI deadline

Yes Bank Ltd said on Thursday a new chief executive officer will be appointed within the central bank`s deadline of Feb. 1, but did not disclose further details, sending the private sector lender`s shares sharply lower.

The final recommendation for the CEO post will be submitted to the Reserve Bank of India (RBI) after the next board meeting on Jan. 9, 2019, the bank said in a statement.

The bank added it has finalised its recommendation for the role of a non-executive part-time chairman, which has been vacant since Ashok Chawla resigned in November, and that it would "promptly" seek approvals from the RBI.

Yes Bank shares, which rose as much as 3.5 percent earlier in the session, reversed course to plunge 7.7 percent near the close of trade on Thursday.