Yes Bank shares plunge 15 per cent after second-quarter net loss; recovers most of losses later

NEW DELHI: Shares of Yes Bank on Monday plunged about 15 per cent after the company reported a consolidated net loss of Rs 629.1 crore for the September quarter. The scrip made a weak opening and tumbled 9.98 per cent to Rs 59.95 on the BSE.

At the NSE, it cracked 14.93 per cent to Rs 56.65. Later, it witnessed some recovery and was trading at Rs 66.20, 0.60 per cent lower on the BSE in afternoon trade.

Yes Bank on Friday reported a consolidated net loss of Rs 629.1 crore for the September quarter due to a spurt in bad loans.

The private sector lender had posted a net profit of Rs 951.47 crore in the corresponding period previous fiscal. Sequentially, there was net profit of Rs 95.56 crore in the first quarter ended June of this fiscal.

Total income (consolidated) also slipped to Rs 8,347.50 crore during July-September 2019-20, as against Rs 8,713.67 crore in the same period last year, the bank said in a regulatory filing.

Gross bad loans jumped to 7.39 per cent of the gross advances as on September 30, 2019, from 1.60 per cent a year ago. Net NPAs or bad loans too rose to 4.35 per cent as against 0.84 per cent.