NEW DELHI: Shares of YES Bank dropped 1 per cent on Wednesday ahead of its board meeting when the name of the new MD and CEO is expected to be announced.

Some large investors are said to have accumulated shares of YES Bank in the run-up to the lender's board meeting, an ET report said.

Air is rife with speculation that a foreign institution and a group led by a billionaire investor have accumulated the stock in recent weeks. These investors are rumoured to have bought the stock between Rs 160 and Rs 180.

YES Bank shares had slumped after the Reserve Bank of India cut short CEO Rana Kapoor's term till January 31.

Around 10.45 am on Wednesday, the stock traded 0.44 per cent down at Rs 191.45. The Sensex hit 36,155, up 0.48 per cent.