Yes Bank Shares Surge, Reclaim Rs 100-Mark After 7 Sessions
Yes Bank shares jumped as much as 11 per cent on Tuesday, a day ahead of the earnings announcement by the private sector lender. On the Bombay Stock Exchange (BSE), the Yes Bank share price opened 1.23 per cent higher at Rs 94.35 apiece, and rose to as much as Rs 104.35 apiece in afternoon deals. That marked a 11.96 per cent jump in Yes Bank shares compared to their previous close of Rs 93.20 apiece on the BSE, and the first time they traded above the Rs 100-mark since July 4. On the National Stock Exchange (NSE), Yes Bank shares climbed 12.07 per cent to Rs 104.45 at the day's strongest point.
Yes Bank shares had last week declined to a fresh 52-week low of Rs 85.70 apiece on the BSE. Tuesday's spike meant a 20.60 per cent recovery from that level at the day's high.
At 3:25 pm, Yes Bank shares traded 12.12 per cent higher at Rs 104.50 apiece on the BSE, sharply outperforming the benchmark Sensex index which was up 0.58 per cent.
Yes Bank will report its earnings for the quarter ended June 30, 2019 on Wednesday.
Last month, credit ratings major Moody's had placed Yes Bank under review for a downgrade citing the private-sector lender's exposure to some weak financial companies.
For the quarter ended March 30 - the last quarter of financial year 2018-19, Yes Bank reported a net loss of Rs. 1,506 crore due to high provisions, as against a profit of Rs. 1,179 crore for the corresponding period a year ago.
Yes Bank's full-year profit stood at Rs. 1,720 crore, as against Rs. 4,224 crore in 2017-18.
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