Yes Bank drags lower by 3% after reports that the RBI has found that the bank has under-reported bad loans worth Rs. 3277 crore in the year ended March 2019.
In respect of the same, the bank said already classified loans amounting to as much as Rs. 1259 crore as non-performing as on September 30 and Rs. 2,018 crore is the amount of incremental bad loans, Yes Bank said.
The bank also said the divergence in provisions was RS. 978 crore as on 31 March 2019 and, since some of it has been provided for by September end, the incremental provisions are to the tune of Rs. 632 crore.
"The bank's management stands irrevocably committed to ensuring the highest standards of accounting and governance transparency. This was also evidenced through the proactive measure of taking ₹2,100 crore of 'Contingency Provision' on exposures which were fully 'Standard' as on 31 March, 2019," the bank said in a regulatory filing.
Further the bank said that in the current FY, substantial policy has been listed down and personnel changes have been implemented for ensuring complete regulatory compliance.
At 9:16, the stock quoted at Rs. 63.65, down Rs 0.50 or 0.78%.