“To begin with, the losses and the higher NPA in the quarter ended March, and on top of that there is now a watchlist as well which means troubles may continue.” “This spooked investors,” said Sidharth Purohit, research analyst at SMC Global Securities. The lender also announced that the cleanup of its books could take time and put Rs 10,000 crore worth of loans on the watchlist, as these have the potential to turn sour in the future. In the year-ago quarter, the bank had posted a profit of Rs1,179.4 crore. The record loss of Rs1,507 crore posted in the March quarter of the last financial year, came after Yes Bank decided to make provisions for loans that could go bad in future. Since then, attempts to clean the mess up have only aggravated matters at the bank. While the central bank never offered a reason for booting out Kapoor, it is widely believed that repeated under-reporting of bad loans on the bank’s books in financial years 20 led to his exit. On March 1, Ravneet Gill, the former India head of Deutsche Bank, took charge as the first Chief Executive Officer from outside the founding family.īefore this RBI decision, Yes Bank’s shares were hovering at levels close to Rs 400 apiece. Trouble began around September last year when the Reserve Bank of India asked co-founder Rana Kapoor, the bank’s Chief Executive Officer since 2004, to step down. From Rs 255 ($3.66) on April 18, its shares closed at Rs 134.55 apiece on the Bombay Stock Exchange on May 17.įollowing the March quarter loss, several brokerage houses including Macquarie, HSBC, Citigroup, and Morgan Stanley have either a “sell” rating on the stock or remain “underweight”. In the past month alone, the bank’s stock has lost nearly half its value, after the lender reported a record loss for the quarter ended March 31, 2019. Yes Bank, India’s fourth largest private lender and a stock market darling for years, is now being shunned by investors.
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