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Yes Bank Slumps 15%, Bharati Airtel Falls 3% As Investors React To Q2 Results

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Shares of Yes Bank and Bharati Airtel fell sharply in morning trade before recovering, as investors reacted to their second-quarter (Q2) results reported on Thursday, after market closing hours.

Yes Bank Slumps 15%, Bharati Airtel Falls 3% As Investors React To Q2 Results
 

The Mumbai-based private lender reported a 3.8 percent fall in net profit for the September quarter at Rs 964.7 crore compared to the same period last year. Its asset quality deteriorated in the quarter under review. Gross non-performing assets (NPA), as a percentage gross advances, rose to 1.60 percent from 1.31 percent in the June-ended quarter and net NPAs were also greater at 0.84 percent as against 0.59 percent in the previous quarter.

The bank, however, has problems in addition to its top management crisis, that includes its loan exposure to IL&FS group. Yes Bank disclosed, on Thursday, that it had a gross outstanding exposure of Rs 2,620.70 crore in the troubled IL&FS group as of 30 September 2018 and called it entirely "standard" as per Reserve Bank of India's (RBI) Income Recognition and Classification norms. Shares of Yes Bank dived as much as 15 percent, the most in a month, to Rs 168.60 apiece.

Similarly, shares of Bharati Airtel fell as much as 3.4 percent in early trade today before recovering. It posted a 65.4 percent drop in its net profit for the second quarter of 2018-19 to Rs 199 crore on Thursday, after market hours. Following the fall in share value, Deutsche Bank raised its rating from 'Buy' to 'Hold' for the stocks of the telecom service provider.

Meanwhile, BSE's Sensex opened 0.7 percent or 234 points lower at 33,468 and the NSE's Nifty 50 Index fell 0.7 percent or 78 points to 10,043.

Read more about: yes bank airtel il ampfs
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