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Shares of the private lender fell nearly one percent to 166.60 Rs, its lowest level since December 2018. The bank announced Friday its results for the March quarter.
The bank's loss amounted to Rs. 1,506 crores during the quarter ended March, according to its foreign exchange record. Analysts monitored by Bloomberg were expecting a profit of Rs 1,024 crore. The bank had reported a profit of Rs 1.001 crore in the previous quarter.
In addition, Bloomberg data showed that about 10,000 shares of the yes bank had been exchanged. Buyers and sellers were not known immediately.
Bloomberg data showed that the volume of transactions was more than five times higher than its 20-day average. The relative strength index was greater than 30, indicating that the stock could be oversold.
Here's what brokers had to say after Yes Bank announced its quarterly results:
Investec
- Maintained & # 39; reduced price target at Rs 240 from Rs 320
- Build trust even at the price of profitability
- Believe that lifting equity is of utmost importance for stress recognition and transition
- Expect 15,000 crore slips over the next two years, bringing the RoA to less than 1%
Macquarie
- Derivated to underperformance from outperformance; reduced price target at Rs 165 from Rs 270
- Underestimated risks in structured finance; reduces BPA estimates by 45%
- Expect moderate long-term return ratios due to lending portfolio consolidation, retail investment and business model pivoting
- Catalyst: capital increase, slippages below forecasts
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