Yes Bank tumbles as board to mull fund raising

Yes Bank fell 7.15% to Rs 59.70 after the bank said that its board will meet on Friday, 30 August 2019, to consider raising funds by issuing equity shares.

The bank recently raised Rs 1,930 crore via qualified institutions placement (QIP), which was open between 8 and 14 August 2019. The bank allotted 23.1 crore equity shares of face value of Rs 2 each to eligible qualified institutional buyers at Rs 83.55 each. The stock is currently 28.55% below the QIP issue price.

On the BSE, 90 lakh shares were traded in the counter so far compared with average daily volumes of 92 lakh shares in the past one quarter. The stock hit a high of Rs 65.2 and a low of Rs 59.6 so far during the day.

The stock hit a 52-week low of Rs 53.15 on 22 August 2019. It hit a 52-week high of Rs 387.70 on 28 August 2018.

The stock underperformed the market over the past one month, falling 32.14% compared with 0.12% fall in the Sensex. It underperformed the market in past one year, slumping 83.22% as against Sensex's 2.72% fall.

Yes Bank's net profit dropped 90.97% to Rs 113.76 crore on 9.87% rise in total income to Rs 9088.80 crore in Q1 June 2019 over Q1 June 2018.

The bank's gross non-performing assets (NPAs) stood at Rs 12092.10 crore as on 30 June 2019 as against Rs 7882.56 crore as on 31 March 2019 and Rs 2824.46 crore as on 30 June 2018.

The ratio of net NPAs to net advances stood at 2.91% as on 30 June 2019 as against 1.86% as on 31 March 2019 and 0.59% as on 30 June 2018.

Yes Bank's net provisions at Rs 1784 crore in Q1 June 2019 includes one off impact of Rs 1109 crore of investment MTM provision led by rating downgrades of investments in companies of two financial services groups.

Powered by Capital Market - Live News