Nearly 100 fund managers sell entire stake in Yes Bank in last 1 year; what should you do?
Updated : July 24, 2019 12:23 PM IST
Yes Bank shares hit a 5-year low last week after the private sector lender reported 91 percent year-on-year (YoY) drop in the net profit for the quarter ended June 30, weighed down by a three-fold increase in provisions and weak asset quality.
After a poor Q1 show, some global brokerage firms cut their target price by more than 50 percent. Jefferies has a target price of Rs 50, which implies downside of nearly 50 percent.
Provisions for bad loans shot up by 185.2 percent year-on-year to Rs 1,784.1 crore, but fell 51.3 percent quarter-on-quarter. Provision coverage ratio was unchanged at 43.1 percent in Q1FY20 compared to Q4FY19.
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