YES Bank shares tank over 27% on back of losses

YES Bank shares tank over 27% on back of losses

Reuters file photo

The shares of private sector lender YES on Tuesday, tanked by over 27% in the early morning trade on the back of the losses reported on Friday.

The shares of the bank opened 10% lower on BSE at Rs 213.70 per scrip, before sliding further and touching Rs 172.35.

At the time of filing this story, the bank’s shares were trading at Rs 174.20 per scrip, down 26.62% from Friday’s close of Rs 237.40 per scrip.

Foreign brokerage Macquarie double-downgraded YES Bank to "underperform" with a 40% lower target price of Rs 165 a share and cut the fiscal year 2020-21 estimate earning per share by 45% each. Morgan Stanley is "underweight" on the stock and lowered its target price to Rs 125 from Rs 160 a share.

YES Bank on Friday reported a loss of Rs 1,507 crore for March quarter against a profit of Rs 1,180 crore a year ago. Total provisions during the quarter increased more than nine-fold to Rs 3,661.7 crore, as against Rs 399.64 crore in the year-ago quarter.