YES Bank share continued 2% lower in Wednesday's session on BSE, in line with broader private banking index, down 1% and 30-share S&P barometer BSE Sensex falling 0.7%.
The stock of the private lender opened at Rs 16 against its previous close of Rs 16.05, also the day's high. Later, the stock erased gains and traded 1.8% lower at an intraday low of Rs 15.75. The stock has declined 3.33% in four sessions.
YES Bank stock trades higher than 100-day moving averages but lower than 5, 20, 50 and 200-day moving averages.
The share has fallen 3% in one week, 9% in a month. Year-to-date, the stock is down 10%.
The market capitalisation of the lender fell to Rs 39,837.30 crore. The stock has touched a 52-week high of Rs 87.95 and a 52-week low of Rs 5.55. Share of the private lender has fallen 57% in one year.
In terms of brokerage views, Emkay Research gave a 'Sell' rating to the stock and set a target price of Rs 11 for the share, given sub-par return ratios and unfavourable risk-reward with higher valuations.
"We believe that the transfer of NPAs to a separate ARC (somewhat similar to IDBI in 2003) probably means window dressing standalone bank B/sheet,but we need to see the extent of hair-cuts, structure of ARC and recovery record in the ARC, which is not inspiring in case of IDBI SASF," Emkay Research said in its report.
Similarly, ICICI Securities said in a recent note that YES Bank's December-quarter earnings have aggravated fears of its asset quality issues and gave a "hold" rating on the stock with a revised price target of Rs 16.
"The portfolio vulnerability becomes visible from, a spike in standstill non-performing loans or NPLs (from 1.5% to 5%), SMA-2 pool (from 2.4% to 4%), SMA-1 (from 1.6% to 7.3), and additional restructuring outside of this pool at 3.2% over and above the labelled non-performing assets at 22%," it added.
Brokerage house Geojit, as well as BNP Paribas, have a sell rating for the stock and reduced its TP. Nirmal Bang continues to maintain a negative outlook on the bank. Elara Capital also recommends 'Sell' rating on Yes Bank with a target price of Rs 6.
The lender was placed under a moratorium by the central bank last year, after which consortium of lenders led by State Bank of India stepped in to infuse money into the bank and bail it out from deteriorating financial health to address systemic risk concerns.
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