The stock hit a low of Rs 168.60, with nearly 63 million shares being traded, as of 0605 GMT, nearly matching their 30-day moving average of 64.6 million shares. The lender's shares recovered slightly to trade 5.7 per cent lower.
A pile-up of bad loans have plagued the Indian financial sector and affected the bottom line for many banks as they set aside more money to cover-up for soured assets.
YES Bank posted on Thursday its first drop in quarterly profit in at least three years, as the provisions for bad loans and mark-to-market losses more than doubled.
The lacklustre results come as the lender looks for a new chief executive by the February 1 deadline imposed by India's central bank, which last month denied CEO Rana Kapoor an extension of his term with the firm he founded.
At least three brokerages trimmed their target prices (TP) on the company's stock after the lender posted results late Thursday.
Jefferies cut their target price to Rs 285 from Rs 365 on near-term uncertainty. Jefferies said the appointment of the chief executive officer, new strategy and need for capital could make the stock volatile.
Brokerage CLSA cut their profit estimate to build in higher credit costs and slower loan growth. CLSA slashed YES Bank stock's target price to Rs 300 from Rs 450, but retained "buy" rating on the bank's fair valuation.
Citi analysts also reduced their target price to Rs 215 from Rs 260, and said the provisions for the quarter were 44 per cent higher than they expected.
YES Bank's provisions, or the amount set aside to cover a future liability, soared 110 per cent to Rs 9.40 billion ($128.11 million).
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