YES Bank share price recovered in trade today on value buying after the stock tanked nearly 30% in the last trading session. YES Bank share price was the top gainer on Sensex and Nifty today.
On Sensex, YES Bank share price rose 4.20% to 175.05. On Nifty, YES Bank was trading 4.11% higher at 174.90. YES Bank share price rose up to 5.98% to 178 level on BSE.
The stock has gained after three days of consecutive fall. It opened at a loss of 2.80% at 163.30 on BSE. On Tuesday, the share price of YES Bank closed 29.23% or 69.40% lower on BSE. On NSE, the stock fell 29.70% or 70 points to 166.75 level.
The stock was the top Sensex, Nifty loser in trade that day. YES Bank share price tanked in the last session after the private sector lender reported a surprise loss of Rs 1,506-crore net loss for the March quarter as against a profit of Rs 1,179 crore in the year-ago period as provisions soared over nine-times.
A series of downgrades by brokerages citing weak Q4 performance of the bank also led to negative sentiments around the stock. A halt in the slide signals a welcome indication for investors and traders.
Rahul Agarwal, Director Wealth Discovery/EZ Wealth said," Going further, it is apparent that under the new management, the bank is focusing on transparency and embarking on a path of long-term sustainable growth, which is rooted, and stable. How the stock will perform in the near term will depend on how the management is able to execute its business strategy. YES Bank's asset quality remains a concern and NIM's would continue to remain under pressure due to elevated credit cost.
So, the lender is expected to traverse on a high operational expenditure and slower growth trajectory at least for the next few quarters. Although, the stock has seen significant correction, investors should not jump onto the stock right away. There is a possible re-rating that is going to happen in the stock and prices will take some time to stabilise.
Until then we can expect a lot of volatility in the counter. Although, the stock looks a good long term buy at these levels but there is still some room for correction and therefore investors are advised to wait and accumulate small quantities at each dip from here."
YES Bank stock has fallen 51% during the last one year and 4.65% since the beginning of this year.
The stock saw turnover of Rs 147.65 crore with 85.46 lakh shares changing hands on BSE.
Edited by Aseem Thapliyal