YES Bank shares fell almost 3 per cent amid Monday's sharp correction, ranking among the most active banking scrips in terms of volumes on BSE and NSE.
Extending fall for the second consecutive session, YES Bank stock opened at its previous close of Rs 16 and fell 2.8 per cent to the intra-day low of Rs 15.55, amid high volatility.
YES Bank stock trades higher than 100-day moving averages but lower than 5, 20, 50 and 200-day moving averages.
The shares of the private lender have fallen 4 per cent in one week, 8 per cent in a month. Year-to-date, the stock is down 12 per cent and 55 per cent in one year.
Market capitalisation of the lender fell to Rs 39,085.65 crore. The stock has touched a 52-week high of Rs 87.95 and a 52-week low of Rs 5.55.
In terms of brokerage views, Emkay Research gave a 'Sell' rating to the stock and set a target price of Rs 11 for the share, given sub-par return ratios and unfavourable risk-reward with higher valuations.
"We believe that the transfer of NPAs to a separate ARC (somewhat similar to IDBI in 2003) probably means window dressing standalone bank B/sheet, but we need to see the extent of hair-cuts, structure of ARC and recovery record in the ARC, which is not inspiring in case of IDBI SASF," Emkay Research said in its report.
ICICI Securities said in a recent note that YES Bank's December-quarter earnings have aggravated fears of its asset quality issues and gave a 'Hold' rating on the stock with a revised price target of Rs 16.
"The portfolio vulnerability becomes visible from, a spike in standstill non-performing loans or NPLs (from 1.5 per cent to 5 per cent), SMA-2 pool (from 2.4 per cent to 4 per cent), SMA-1 (from 1.6 per cent to 7.3 per cent), and additional restructuring outside of this pool at 3.2 per cent over and above the labelled non-performing assets at 22 per cent," it added.
Brokerage house Geojit and BNP Paribas, have a 'Sell' rating on the stock. Nirmal Bang continues to maintain a negative outlook on the bank. Elara Capital also recommends a 'Sell' rating on YES Bank with a target price of Rs 6.
Similarly, Anand Rathi has lowered the stock's rating to 'Sell' with a target price of Rs 14.
The free-fall in YES Bank's stock to double digits, has been on the back of corporate governance lapses and under-reporting of NPAs, after which the lender was placed under a moratorium by the central bank last year. A consortium of lenders led by State Bank of India infused money into the bank, to bail it out from deteriorating financial health.