Shares of Yes Bank on Friday ended sharply lower by almost 9 per cent after the company reported a decline of 3.8 per cent in net profit for the second quarter ended September 2018.
The stock plummeted 8.97 per cent to close at Rs 180.55 on the BSE. Intra-day, it cracked 14.99 per cent to Rs 168.60. On the NSE, Yes Bank shares slumped 8.64 per cent to end at Rs 181.20. Its stock was the worst hit among the blue chips on both the key indices during the day.
Led by sharp fall in the stock price, the company’s market valuation dropped Rs 4,076.02 crore to Rs 41,727.98 crore on the BSE.
In terms of equity volume, 84.45 lakh shares of the company were traded on the BSE and over 9 crore shares changed hands on the NSE during the day.
Yes Bank on Thursday reported a decline of 3.8 per cent in net profit to Rs 964.7 crore for the second quarter ended September 2018.
The private sector lender had posted a net profit of Rs 1,002.73 crore in the year-ago period. Recently, the Reserve Bank refused to extend the tenure of the lender’s long-serving MD and CEO Rana Kapoor beyond January 31, 2019.
The bank’s gross Non-Performing Assets (NPA) reduced to 1.60 per cent of its total assets at the end of September. In the comparable period, the same was at 1.82 per cent.