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BUZZ-India's Yes Bank falls on asset quality concerns
April 20, 2017 / 4:32 AM / 7 months ago

BUZZ-India's Yes Bank falls on asset quality concerns

** Shares of Yes Bank Ltd fall as much as 5.3 pct to lowest since March 27 after earnings on Wed

** Stock on track to post biggest intraday pct loss since Nov 21, 2016

** Bank's gross NPA rises to 1.52 pct at end-March from 0.85 pct at end-Dec, Q4 provisions jump about 66 pct y/y

** Yes Bank says majority of additions to bad loans and provisioning driven by one borrower, expects loans to that borrower to be “recovered in near term”

** Jefferies, Morgan Stanley cut PT on stock after results

** “The stock has re-rated materially over the past year, and given uncertainty around asset quality and capital, we expect near-term stock performance to be weak,” Morgan Stanley says

** Stock had risen about 39 pct this year up to Wednesday’s close

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