Yes Bank gains 5% on T S Vijyan appointment

Shares of Yes Bank Monday gained 5 per cent after the private sector lender bank announced appointment of T S Vijayan as an additional director for five years with immediate effect.

The company's shares went up by 4.92 per cent to settle at Rs 178 on BSE. During the day, the stock soared 5.83 per cent to Rs 179.55 apiece.

On the NSE, it followed the similar uptrend as the stocks surged 4.92 per cent to end at Rs 178.15. It had touched an intra-day high of Rs 179.5, up 5.71 per cent.

In terms of equity volume, more than 11 crore shares changed hands on the stock exchanges.

"We would like to inform that the board of directors of the bank on December 3, 2018, have approved the appointment of T S Vijayan as an additional director (independent) of the bank with immediate effect and his appointment as independent director for a period of 5 years...," Yes Bank said in a regulatory filing.

Vijayan was chairman of the Insurance Regulatory and Development Authority of India (Irdai). He has also held senior positions in various capacities at the Life Insurance Corporation of India and became its chairman in 2006.

Yes Bank further said the appointment of Vijayan will be subject to approval of shareholders at the next general meeting of the bank.

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The private sector lender is grappling with governance as well as non-performing asset issues and has seen resignations of three independent directors, including Chairman Ashok Chawla, in the recent past.