YES Bank shares were trading lower for the third consecutive session, falling 4.5% on Monday morning. YES Bank stock opened lower at Rs 18.98, also its intraday high and fell 4.5% to hit the day's low of Rs 18.02 during the session against the last close of Rs 18.88.
YES Bank share reversed to bearish trend since Thursday, following a report by Macquarie Capital that said it sees the private lender facing near-term asset quality issues due to COVID-19 induced economic distress.
Macquarie Capital that recently met the YES Bank management said the lender could see stress in its exposure to the real estate and hospitality sectors, and added, "There is going to be a substantial increase in stress in the next two quarters as they have large exposure to the real estate and hotel industry where there are likely to be defaults."
YES Bank share has lost 1% in the last week. Share of the private lender has been on a decline after the private lender sold 15,00,000 equity shares of Sical logistics in several tranches.
The stock gained in the first week of December after Brickwork Ratings upgraded the rating of Tier I subordinated perpetual bonds (Basel II) of the lender. The rating was changed to BWR BB+/ Stable from BWR D of YES Bank Limited. It also resumed investor interest following reports that the stock will be upgraded to large-cap category from mid-cap by mutual fund industry body The Association of Mutual Funds in India (Amfi).
The stock of the private sector lender has fallen over 64% in one year. YES Bank stock is trading higher than 20, 50 and 100-day moving averages but lower than 5, 200-day moving averages.
Meanwhile, it has risen over 25% in a month amid rise in the private banking index and broader indices Sensex and Nifty, which have been hitting record highs. Meanwhile, Sensex has gained 6.4% during the same period. Earlier on November 9, 2020, rating frim CARE Ratings had also upgraded the lender's rating on debt instruments with a stable outlook.
Last month, YES Bank stock also saw buying momentum, following news of the lender's inclusion in the MSCI India Index. Inclusion in the MSCI Global Standard Index, was bullish for the stock as this could attract fresh inflows of capital from overseas into the private lender.Antony Waste Handling Cell IPO opens today: 10 things to know
The stock of the troubled lender touched a 52-week high of Rs 87.95 and a 52-week low of Rs 5.65. The market capitalisation of the lender stood at Rs 45,750 crore today.
On the technical front, YES Bank stock has just managed to hold in two figures and is in a mildly bearish range. Although, the stock shows buying interest in the range of Rs 15 - Rs 20, on a weekly basis as against the earlier Rs 11-15 range. Due to a spike in volume, the share price of the troubled lender can be seen rising, which is an early indication in the stock that it is getting accumulated.
As per a report published by Invezz.com, the stock was most sought after among Indian investors, clocking in 90,000 online searches in a month.