Macquarie says its Yes Bank assessment 'all wrong', downgrades stock

Macquarie flagged concerns on the fee income and retail franchise of Yes Bank after the bank reported its first-ever loss.

Australian brokerage Macquarie said on Monday its assessment of Yes Bank's structured finance business was "all wrong" and downgraded the bank's stock to "underperform".

Macquarie flagged concerns about the fee income and retail franchise of Yes Bank, citing management commentary after the lender reported its first-ever loss of a whopping Rs 1,506-crore for the March quarter under a new management led by Ravneet Gill.

Yes Bank, India's fifth largest private lender, had booked a net income of Rs 1,179 crore in the year-ago period. Rana Kapoor, the bank's managing director and chief executive, was forced out by the Reserve Bank earlier this