Yes Bank shares were the top percentage laggard on benchmark indexes Sensex and NiftyYes Bank shares plunged as much as 30 per cent on Tuesday, after the private sector lender reported a net loss of Rs1,506 crore for the quarter ended March 31.
On the National Stock Exchange (NSE), the Yes Bank share price nosedived29.76 per cent to an intraday low of Rs166.60 apiece, compared with its previous close of Rs237.20.
In a regulatory filing post-market hours on Friday, Yes Bank saidhigher provisions for possible reverses, including a contingency reserve of Rs.
2,100 crore, were the prime reason for the massive loss.Yes Bank shares were the top percentage laggard on benchmark indexes Sensex and Nifty.Yes Bank reported a more than nine-fold increase inprovisions to Rs 3,661 crore in the fourth quarter of financial year 2018-19, from Rs.
399 crore in the corresponding period a year ago.
The bank had reported a net profit of RsRs.1,179 crore for the quarter ended March 31, 2018.Yes Bank also said itsgross non-performing assets ratio more than doubled to 3.22 per cent at the end of March, from 1.28 per cent in the year-ago period, and 2.10 per cent in the previous quarter.On the Bombay Stock Exchange, Yes Bank shares fell to as much as Rs 172.35 apiece during the session, marking an intraday loss of27.4 per cent compared to their previous close of Rs237.40.At 11:16 am, Yes Bank shares traded 26.5 per cent lower at Rs 174.35 apiece on the NSE, underperforming benchmark index Nifty which was down 0.51 per cent.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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