INSUBCONTINENT EXCLUSIVE:
MUMBAI: Shares of Yes Bank plunged 29% on Tuesday after reporting its first ever quarterly loss, leading to an erosion of Rs 16,000 crore in
Institutional investors lost nearly Rs 10,000 crore in value of their holdings
The fall in the stock was its biggest-ever one-day decline.
On a closing basis, the stock ended at the lowest level since December 10 last
to the Reliance group companies, which have seen debt rating downgrades, and the slew of rating downgrades by brokerage on its own stock,
for Anil Ambani-run Reliance Capital, all this coming together led to the stock falling
The stock had gained 50% in the first three months of the year in anticipation that the worst is over after the RBI cleared the lender of
any divergences in bad loan reporting practices
Foreign portfolio investors raised stake in the company by 4.2%.
Yes Bank on Friday posted a loss of Rs 1,507 crore for the March quarter
compared to profit of Rs 1,180 crore a year earlier as provisions soared over nine-times as the lender's first non-founder CEO Ravneet
stock when it is sub-Rs 150
He believes the stock is not a good value buy at current levels.
The stock is looking weak on technical charts as well
Chandan Taparia, derivative analyst at Motilal Oswal sees support for the stock at Rs 150 but said one should avoid the stock
the last one year, despite the recovery seen in the stock price in the first three months of the year.
Brokerages such as Macquarie, Emkay
Global, Edelweiss, Citi and BOB Capital downgraded the stock post results
NIMs, fees, growth; weaker asset quality and capital
Morgan Stanley has cut EPS estimate for FY20 by 41% and for FY21 by 47%.
