Heard on the street: Yes Bank declines 5% in 3 sessions

Yes Bank declines 5% in 3 sessions on profit booking

Yes Bank shares fell 2.5% on Friday to close at Rs 347.8, as institutional investors offloaded the shares in large quantities. With this, the stock has fallen around 5% in the past three sessions on volumes higher than the daily average over the past couple of weeks.

According to dealers tracking the stock, foreign institutional investor “Kala Patthar” has been booking profits in the stock, having accumulated it at lower levels. A report by broking house Enam says that the bank’s asset quality is among the best in the industry, with gross and net non-performing assets of 0.22% and 0.06%, respectively.

The bank’s net profit grew over 12.5% in the second quarter to Rs 176.3 crore and revenues grew 29% to Rs 954 crore, according to BSE data.

Contributed by Harish Rao