Yes Bank shares slump 7.7 per cent intraday on UBS downgrade

By: | Published: July 8, 2015 3:38 PM

Shares of Yes Bank fell 7.7 per cent, as it headed toward biggest daily percentage fall since September 2013.

yes bankShares of Yes Bank fell 7.7 per cent, as it headed toward biggest daily percentage fall since September 2013. (PTI)

Shares of Yes Bank fell 7.7 per cent, as it headed toward biggest daily percentage fall since September 2013.

UBS downgraded stock to anti-consensus “sell” from “buy”. UBS said, “the lender is among banks with relatively higher share of loan approvals to potentially stressed companies”.

According to UBS, bank most vulnerable to a prolonged weak credit cycle and consensus may not be ready for a sharp increase in its credit costs.

Yes Bank CFO Rajat Monga told a news channel that report uses “highly exaggerated numbers”, and “exposure to stressed companies will be half of what UBS reported”.

(Inputs from Reuters)

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