Yes Bank shares extend fall, slip 5% today as bank stocks drag

Shares of Yes Bank fell sharply in Thursday's trade, tracking an overall weakness in banking stocks. The stock continued to decline for the third straight session today. It plunged 5.28 per cent to hit a day low of Rs 18.85 over its previous close of Rs 19.90. A total of 5.89 crore shares changed hands today with a turnover of Rs 114.05 crore. The lender's market capitalisation or m-cap stood at Rs 54,486.42 crore.

On BSE, there were 60,21,400 sell orders against buy orders of 24,82,964 shares. On NSE, a total of 37,97,00,595 shares changed hands with a turnover of Rs 730.16 crore.

At today's low level of Rs 18.85, Yes Bank has gained 55.66 per cent compared to its March low of Rs 12.11. That said, the stock has declined 23.84 per cent from its one-year high level of Rs 24.75, touched earlier this month.

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The scrip has slipped 13.06 per cent in the previous five sessions. On a year-to-date (YTD) basis, it has surged 37.17 per cent.

A R Ramachandran from Tips2trades, "Investors should book profits at current levels as stock is overbought and wait for lower levels of Rs 16.4-17 to buy for higher targets of Rs 25-27.5 in the near term."

Manish Shah, Technical Analyst, said the ongoing decline in the last few days is a good opportunity for traders to enter the stock. He said major support for the banking stock is placed at Rs 19.50-19. He finds Rs 19.50 to 19 levels a good zone.

Shah advised traders to keep a stop loss below Rs 17.50 for a potential upside towards the 26.50-27 level over the next few weeks.

Another expert felt one may see a period of consolidation and that the Rs 18 level should now act as a floor for Yes Bank.

Santosh Meena, Head of Research at Swastika Investmart, said, Rs 18–25 is a well-defined trading range in the near term and any decisive move from this zone will dictate further direction.

Yes Bank stock has been in focus over the past few weeks after private equity (PE) majors Carlyle Group and Advent have picked up a 9.99 per cent stake in the bank.

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Meanwhile, Indian equity benchmarks traded on a lower note in today's deals amid weakness in bank, automobile, metal and energy stocks.