Shares of  Yes Bank may tumble by as much as 10 per cent on Tuesday after the lender reported its first ever quarterly loss for the three months ended March. The bank posted a loss of Rs 1,507 crore in the March quarter compared to profit of Rs 1,180 crore a year earlier.
The loss was amplified by provisions against bad loans to an infrastructure conglomerate and an airline as the lender’s first non-founder chief executive Ravneet Gill began a clean-up act.
The bank made total non-tax provisions of Rs 3,662 crore, more than nine times the Rs 400 crore reported a year earlier and nearly seven times the Rs 550 crore reported in December 2018, even as gross NPAs rose to 3.22 per cent of loans from 2.10 per cent in December.
Read EquityPandit’s Nifty Bank Outlook for the Week