YES Bank share price falls 2% after Morgan Stanley cuts price target

YES Bank share price fell 2% in early trade today after global research house Morgan Stanley maintained 'underweight' stance on YES Bank and cut its target price to Rs 55 from Rs 95 per share.

Volatility in YES Bank share price shows asset quality concerns, lack of clarity on timing and price of further fundraising, the brokerage said.

The brokerage has cut estimates and price target and find risk-reward still unfavourable. It is targeting a Common Equity Tier 1 ratio of 10% by the end of FY21.

Share price of the private lender fell 2.5% to the day's low of Rs 57.30 against the previous closing price of Rs 58.80 on BSE. The stock hit intraday low of Rs 57.30 and is currently trading 7.24% or 4.15 points higher than its 52-week low. Overall, 71.85 lakh shares and 1,105.5 lakh shares changed hands on BSE. The stock has lost 1.85% in the last 2 days of fall.

This comes after rating firm Moody's Investors downgraded the lender's long-term foreign-currency issuer rating last week, terming the bank's outlook as negative.

Sensex Today: Sensex falls over 100 points, Nifty below 10,770; pharma, realty stocks decline

India's gold imports hit lowest level in 3 years on high domestic prices, import duty

Rupee vs dollar: Rupee rebounds 19 paise to 72.18 against US dollar