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YES Bank share falls for fifth straight session

Shares of the private lender were falling since yesterday after the private sector lender said that Swaminathan Janakiraman, the nominee director appointed by State Bank of India, has resigned with effect from October 28, 2020

twitter-logoBusinessToday.In | October 30, 2020 | Updated 15:59 IST
YES Bank share falls for fifth straight session
The share price of the private sector lender has fallen 7% in one week, 5% in one month and 73% since the beginning of the year

Shares of YES Bank were trading lower for the fifth straight session on Friday. Earlier at the opening bell, YES Bank share price hit intraday high of Rs 12.60. Later, the stock erased gains and fell 0.64% to the intraday low of Rs 12.31, as against the earlier close of Rs 12.39 on BSE.

The share price of the private sector lender has fallen 7% in one week, 5% in one month and 73% since the beginning of the year. YES Bank stock is trading lower than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the lender stood at Rs 31,043 crore as of today's session.

Shares of the private lender were falling since yesterday after the private sector lender said that Swaminathan Janakiraman, the nominee director appointed by State Bank of India, has resigned with effect from October 28, 2020.

The lender in an exchange filing said, "Pursuant to Regulation 30 of the SEBI(Listing Obligation & Disclosure  Requirements) Regulations, 2015, this is to inform that Mr Swaminathan Janakiraman has submitted his resignation as Nominee Director appointed by State Bank of India on the Board of Yes  Bank Limited."

"Accordingly, Swaminathan Janakiraman ceases to be a director of the bank with effect from the end of today, i.e. October 28, 2020," the lender said in its filing.

Earlier this week, the shares were on a decline amid reports that the lender has started the process for obtaining physical possession of Reliance Center, the Mumbai headquarter of Anil Ambani's Reliance Group. The Anil Ambani-led group is one of the biggest borrowers of YES Bank, with an exposure of over Rs 12,000 crore. The centre is located off the Western Express Highway and situated near the Mumbai airport.

Last Friday, the private sector lender reported a net profit of Rs 129.4 crore for the September quarter as against a loss of Rs 600 crore in the year-ago period. In the quarter ended June, it had reported Rs 45.44 crore profit.

Sequentially, YES Bank's net interest income (NII) rose 3.4% to Rs 1,973 crore in Q2 from Rs 1,908 crore in the previous quarter. On a yearly basis, NII was down by 9.7% from Rs 2,186 crore.

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