June 13, 2019 / 8:02 AM / 2 months ago

UPDATE 2-BUZZ-Yes Bank shares fall: UBS downgrades Indian bank, CEO says won't return

(Adds founder Rana Kapoor’s tweet denying comeback)

** Shares of Yes Bank Ltd fall as much as 10.43% to 120.7 rupees, lowest since Aug 24, 2015

** UBS cuts price target to 90 rupees from 170 rupees, maintains “sell” rating

** Bank’s margins to decline by 30-50 bps over two years due to increase in non-performing loan book (NPL) - UBS

** Separately, founder Rana Kapoor denied media reports about an attempted comeback, through a tweet here

** He had stepped down as chief executive on Jan. 31

** Reports on Wednesday said Kapoor was seeking a re-induction to the board as well as a hefty compensation

** The stock on Wednesday broke below a key support at 136.12 rupees, the 14.6% projection level, after Moody’s placed company’s rating under review for downgrade

** A close below the 23.6% projection level may lead to further fall up to the next support at 102.37 rupees, the 38.2% projection level

** Stock is down 42.9% in the last three months until Wednesday’s close, while the broader NSE Index gained 5.4% in the same period

Reporting by Gaurav Dogra and Arnab Paul in Bengaluru

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