Yes Bank scrips hit 5 year low after quarterly results

Investors distanced themselves from Yes Bank counter after the bank reported a 91 per cent fall in its profit at Rs 113.76 crore, down from Rs 1,260.36 in the comparable period last year.

Mumbai: Private-lender Yes Bank hit its lowest level in 5 years after it fell as much as 15 per cent on the BSE on Thursday.

Investors distanced themselves from Yes Bank counter after the bank reported a 91 per cent fall in its profit at Rs 113.76 crore, down from Rs 1,260.36 in the comparable period last year.

The amount that a company sets aside for a known liability or "provisioning" in banking parlance surged to Rs 1,784.11 crore from Rs 625.65 crore in the June quarter last year.

Besides, the percentage of gross NPA sharply rose to 5.01 from 1.31 last year.

At 1.20 p.m., Yes Bank was trading at Rs 85.30 apiece, down 13.36 per cent from its Wednesday's close of 98.45.

Since Yes Bank's last quarterly result, the shares have declined over 50 per cent after it reported its first-ever quarterly loss.

Besides, several corporate governance issues have kept the investors at bay.

The bank on Wednesday, however, said that it is looking into the whistleblower complaint alleging incorrect NPA classification and irregularities in the bank's operations but has not found "identified any material financial statement implications".

"The bank, at the direction of the Audit Committee and with the assistance of this external firm, is continuing to analyze the allegations in the whistleblower complaint and work is currently ongoing," the bank said in a BSE filing.

It further said that on the basis of the work done and findings till date, the bank has not identified any material financial statement implications.