Yes Bank Shares Slump Nearly 20% After Q1 Earnings Miss
Yes Bank shares plunged nearly 20 per cent on Thursday, a day after the private sector lender reported its earnings for the April-June period. In a regulatory filing after market hours on Wednesday, Yes Bank reported a 91 per cent fall in its net profit to Rs 113.76 crore compared with the the corresponding period a year ago. The net profit missed analysts' estimates. Analysts had on an average expected the bank to report a profit of Rs. 279 crore for the three-month period ended June 30, news agency Reuters reported citing Refinitiv data.
On the National Stock Exchange (NSE), Yes Bank shares opened 9.96 per cent lower and plunged as much as 19.56 per cent from the previous close to Rs 79.15 in the first hour of trade.
The Yes Bank stock opened 9.95 per cent lower on the BSE, and slumped to as much as Rs 83.70 apiece in intraday trade, marking a decline of 14.98 per cent.
Yes Bank shares were the top percentage laggard on the benchmark Sensex and Nifty index in morning deals.
According to analysts, the earnings miss might trigger some correction in the stock in the near term.
"Yes Bank quarterly numbers are bad. We had expected the bank to report net profit of Rs. 170-180 crore and it is very bad compared to expectations," Avinash Gorakshakar of Joindre Capital told NDTV on Wednesday.
"Asset quality has also worsened and Yes bank shares can witness a bout of correction," he said.
At 10:11 am, Yes Bank shares traded 9.76 per cent lower at Rs 88.80 apiece on the NSE, sharply underperforming the benchmark Nifty index which was down 0.17 per cent at 11,667.05.
As of Wednesday's closing price, Yes Bank shares had fallen 9.43 per cent so far this month.
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