By
Yes Bank shares slump 30% on first-ever quarterly loss
Photo Credit: VCCircle

Shares of Yes Bank Ltd plunged 30 percent on Tuesday, after the Indian private sector lender posted its first ever quarterly loss last week due to a nine-fold jump in provisions for bad loans.

The Indian banking sector has been struggling with high levels of non-performing assets in recent times, their troubles exacerbated by weak performances in the infrastructure and airline sectors.

The company posted a loss of 15.07 billion rupees ($216.00 million) for the quarter ended March 31, while analysts were expecting a profit of 10.70 billion rupees. Provisions and contingencies surged to 36.62 billion rupees from 4 billion rupees a year ago.

Yes Bank's stock dived as much as 30 percent on very high volumes in early trade on Tuesday, it's biggest intraday percentage loss since Sept. 21, 2018.

Leave Your Comment(s)