Shares of India’s major private sector lender Yes Bank reversed gains in the afternoon trade on Thursday, after gaining nearly 4.5% earlier.
Shares of India’s major private sector lender Yes Bank reversed gains in the afternoon trade on Thursday, after gaining nearly 4.5% earlier. Yes Bank shares are trading at Rs 240.05, down 4% from its intra-day high of Rs 250.15 on BSE. The firm is set to report its Q4 results tomorrow. According to brokerage firm Motilal Oswal, Yes Bank may report net profit at Rs 970.9 crore down 17.7% on-year.
Earlier, Yes Bank share price gained more than 4.5% to Rs 250.15 in the late morning trade on Thursday, after a news report by Livemint that CEO Ravneet Gill is looking to replace the entire top management. Yes Bank has denied the report calling it ‘unfounded and baseless’.
Earlier in February, the Reserve Bank of India had warned Yes Bank of regulatory action for disclosure of nil divergence report in violation of the confidentiality clause. The lender had disclosed to the stock exchanges that the RBI has not found any divergence in the asset classification and provisioning done by the firm during 2017-18.
The lender later clarified that the report was disclosed to stock exchanges in order to avoid any further speculation, misuse or leakage, and to ensure information parity. Meanwhile, rival HDFC Bank has reported stellar Q4 results in the latest January-March period. HDFC Bank has reported robust Q4 results for the January-March period, even as asset quality improved and provisions declined.
HDFC Bank reported a 23% on-year rise in net profit to Rs 5,885 crore, the private lender said in a stock exchange filing last Saturday. The profit came in higher than analysts estimates of Rs 5,715 crore. The asset quality has seen improvement compared to earlier quarters. Private lender Axis Bank is also scheduled to report Q4 results today. A CNBC-TV18 poll estimates a net profit of Rs 1,500 crore as compared to a loss of Rs 2,200 crore reported in the same quarter last year.