Highly unusual for 3 directors to resign from Yes Bank in quick succession, says IiAS

After the third resignation from the Yes Bank board yesterday, proxy advisory firm IiAS on Tuesday said it's highly unusual for these exits at the private sector lender in such quick succession.

In an interview to CNBC-TV18, Amit Tandon, managing director, said that question is whether Yes Bank board members know something that investors don't.

"There could be some degree of unhappiness within the board itself. There is talk in the market that not everyone on the board was in agreement with Rana Kapoor's extension and there could be some degree of angst, differences on on this issue," Tandon said.

Further, Tandon said he is not sure if resignations at Yes Bank can be attributed to board clean-up as some of the members have been appointed very recently.

"In the absence of information, all I would say is that one needs to keep your fingers on the pulse and keep looking at what is happening in the bank’s board at this moment," he added.