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Yes Bank Slips 3 Spots Among India's Most Valued Lenders

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Following the over 30 percent slump in share price, Yes Bank has fallen three spots to the tenth spot in market valuation among Indian lenders. The stock has been free falling after the Mumbai-based private bank reported a surprise net loss for the fourth quarter of 2018-19.

Yes Bank Slips 3 Spots Among India's Most Valued Lenders
 

The share price of Yes Bank has fallen from Rs 237.80 apiece on 26 April to Rs 170 on Monday. The lender is now the tenth most valued bank, down from being the seventh most after its valuation fell below Bank of Baroda and Punjab National Bank (PNB).

HDFC Bank remains the most valued lender at a market capitalisation of Rs 6.45 trillion, followed by the State Bank of India (SBI) and Kotak Mahindra Bank with a valuation of Rs 2.76 trillion and 2.71 trillion, respectively.

Apart from the unexpected quarterly loss, investors are also concerned about the downgrade in ratings on Yes Bank's longterm bond programme over the weekend. Credit rating agency ICRA cut the bank's tier II bond ratings by a single notch and its AT1 bonds by two notches.

In a note, ICRA said that the downgrade was on account of the bank's weak financial results for the March-ended quarter and a deterioration in the credit profile of some of its large borrowers.

Read more about: yes bank
Story first published: Monday, May 6, 2019, 12:13 [IST]
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