YES Bank shares fall for 3rd day ahead of institutional investor meet

Shares of YES Bank were trading lower in Tuesday's trade, taking its recent slide to the third trading session. The stock fell ahead of analyst/institutional investors conference that is scheduled for November 23, Thursday.  The YES Bank stock has been buzzing of late, with the counter seeing 5,05,67,000 shares changing hands in eight block deals amounting to Rs 108 crore this past week, as per Nuvama Institutional Equities' weekly note.

On Tuesday, the scrip was the third-most active stock in volumes terms, as 12,40,25,391 YES Bank shares worth Rs 286 crore changed hands within the first few hours of trading. On NSE, the stock had sell orders for 6,25,27,004 shares against buy orders of 2,29,75,254 shares.

YES Bank last week said the schedule for the analyst meet -- ICICI Securities India Financials Equity Investors’ Conference -- may undergo change due to exigencies on the part of investors or the bank. The list of participants will be submitted post investor meet, it said.

"No unpublished Price Sensitive Information is proposed to be shared during the meeting(s)/call(s)," it said.

The stock was trading 1.37 per cent lower at Rs 19.87 on BSE. To recall, ICICI Securities recently upgraded the rating for YES Bank stock to 'Reduce' from 'Sell' and maintained its target price at Rs 14 on the stock. Nomura India has a target of 16.50 per share on the stock. Kotak has a fair value target of Rs 17 on the stock.

"YES Bank is progressing reasonably well on balance sheet parameters such as CET1, net non-performing assets, granularity, mix and CASA," it adding that the progress on operating earnings was a bit slower.

The domestic brokerage said while it is not so worried about incremental asset quality or credit costs, it sees only a gradual improvement in pre-provision operating profit (PPoP) margins.

Meanwhile, YES Bank had on Monday appointed Tushar Patankar as Chief Risk Officer (CRO) of the lender for the period of 3 (three) years, effective from December 1.  He joined the bank effective November 20, as Senior Management Personnel (SMP) of the private lender.

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