Ashok Chawla, non-executive chairman of Yes Bank Ltd, the former Chairman of SBI, O.P. Bhatt (external expert of the 'Search and Selection Committee') and Vasant Gujrati, the chairman of the bank's audit committee have resigned recently. The media reports regarding the promoter's business and its transactions have impacted the credibility of the Bank. We reduce our valuation of Yes bank to 1.2x P/BV and revise our...