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Yes Bank Pares Loss After Trading In Two-Digits; Stock Gains Over 5%
Yes Bank is seeing no respite and the stock now trades in double-digits for the first time in 5 years as investors turn cautious due to private sector lender's higher share of exposure to debt-ridden companies.
The stock took a beating after global rating agencies' downgraded the stock. UBS maintains Sell call for the stock and it is mainly as the bank is seen to face pressure on the asset quality front with more of exposure to stressed corporate accounts.
As per an IIFL report, the bank's exposure to debt in cash-strapped companies including DHFL and Jet Airways amounts to as much as Rs 3,700 crore and Rs. 550 crore, respectively.
Since, reporting its quarterly loss at 1,506 crore for the March ending period 2019, the stock has tumbled heavily to the tune of over 50%.
Yes Bank stock was last seen quoting at Rs. 108.65, up Rs. 5.4 or 5.23%108.65Rs. 108.
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