Yes Bank slips further after foreign brokerage downgrades view

The stock came under pressure after brokerage firm UBS retained its 'sell' rating and cut its target price to Rs90 per share from Rs170 earlier.

Jun 13, 2019 06:06 IST India Infoline News Service

yes bank
Shares of Yes Bank extended the decline in the noon trade on Thursday to hit its 52-week low on the NSE. The stock came under pressure after brokerage firm UBS retained its 'sell' rating and cut its target price to Rs90 per share from Rs170 earlier.

The brokerage firm expects 255bps/200bps credit costs in FY20/21, higher than the management guidance of 125bps. NPL (non-performing loan) risks seem higher than current expectation.

Meanwhile, the stock has fallen 18% in the last one month and 30% in 2019, it has tanked 62% in the last 1 year.

On Tuesday, Moody’s placed YES Bank's foreign currency issuer rating of Ba1 under review for downgrade as liquidity pressures on finance companies may negatively impact the credit profile of the lender.

Yes Bank Ltd is currently trading at Rs119.30 down by Rs15.35 or 11.4% from its previous closing of Rs134.65 on the BSE. The scrip opened at Rs130.80 and has touched a high and low of Rs130.80 and Rs117.50 respectively. 

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