On Thursday, shares of YES Bank fell limply nearly 20 per cent. This was hit over five years low as many brokerage firms slashed its share price targets as the lender’s profit missed standards, bad loans continued to soar and provisions surge.
This year it has fallen nearly 51%. The stock in intraday touched a low of ?79.15 on NSE – a level last seen on 27 March 2014, and fell as much as 19.56%. However, at 9:35 am, the scrip was trading at ?86.80 on NSE, down 11.8% from its previous close.
Private lender Yes Bank reported a 91% decline in June quarter net profit to ?113.76 crore from ?1260.36 crore a year ago. Due to deterioration in the asset quality, with gross non-performing assets (NPAs) led to the percentage of total loans rising to 5 per cent in comparison to the previous quarter which recorded 3.22 per cent.
Read EquityPandit’s Nifty Bank Outlook for the Week