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Yes Bank Stock Rebounds Nearly 5% After Tuesday Bloodbath

Yes Bank on Friday had reported its highest ever quarterly loss of Rs 1,507 crore for the period ended March on the back of provisions against bad loans.

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Updated:May 2, 2019, 11:11 AM IST
Yes Bank Stock Rebounds Nearly 5% After Tuesday Bloodbath
Image for representation. (Photo Reuters)

Yes Bank shares rebounded nearly 5% in morning trade on Thursday to Rs175.95 after plummeting nearly 30% in a single trading session on Tuesday. The markets were closed on Wednesday on account of Maharashtra day.

Yes Bank on Friday had reported its highest ever quarterly loss of Rs 1,507 crore for the period ended March on the back of provisions against bad loans.

Brokerages had downgraded the stock after its March quarter results, reducing the target prices by as much as 40%. However, after Tuesday’s correction, many analysts believe that investors can hold the Yes Bank stock at the current price.

Analyst S.P. Tulsian said, “I have a lot of confidence in (Yes Bank CEO) Ravneet Gill and he has taken a conscious decision of cleaning the books. People fear that this maybe a partial cleaning of the books. This stock is giving an excellent opportunity to buy, may be at a level of about Rs167-168 at which it has been ruling... so any level below Rs170 qualifies the buy.”

Sharekhan, in its post-earnings analysis of Yes Bank, had said that changes in business model, mix and strategy may see growth and return ratios moderating for a near to medium term. But the key notable in the near term, may be a more pragmatic and calibrated business growth, with more focus on improving risk management and quality of disclosure, are steps in the right direction, it added. It had maintained a ‘Buy’ rating on the Yes Bank stock, with a revised price target of Rs 275.

Moody's Investors Service said on Tuesday that the balance sheet clean-up by Yes Bank will strain its profitability in the next 12-18 months as it makes provisions for stressed assets. “Despite near-term weakness, we expect the change in corporate behaviour under new bank leadership will be credit-positive after the de-risking is complete,” it added.

After Yes Bank announced its March quarter results, Australian brokerage firm Macquarie had admitted to overlooking the risks from the structured finance business of Yes Bank and downgraded the stock by a full two notches. The brokerage firm announced a double-downgrade of the Yes Bank stock to ‘underperform’ and also slashed the stock price target to Rs165 over the next 12 months.

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