Yes Bank tumbles on buzz of payment default by borrower

Yes Bank was down 5.54% at Rs 103.10 at 11:42 IST on the BSE after the media reported that Mumbai-based Radius Developers has defaulted on scheduled interest payments on a Rs 1,200-crore loan to the private lender.

Meanwhile, the S&P BSE Sensex was down by 130.67 points, or 0.33% to 39,555.83.

On the BSE, 48.91 lakh shares were traded in the counter so far compared with average daily volumes of 62.71 lakh shares in the past two weeks. The stock had hit a high of Rs 108.50 and a low of Rs 101.20 so far during the day. It hit a 52-week high of Rs 404 on 20 August 2018 and a 52-week low of Rs 98.75 on 20 June 2019.

As per reports, Radius Developers has exporsure of about Rs 5500 crore to the banking system. The media quoted a Radius Group spokesperson as saying that the company will be paying the interest component of Rs 30 crore to Yes Bank by 5 July.

Yes Bank reported a net loss of Rs 1506.64 crore in Q4 March 2019 over a net profit of Rs 1179.44 crore in Q4 March 2018. Total income rose by 17.1% to Rs 8388.23 crore during the period under review.

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