The disappointing results of the bank saw various brokerages downgrading Yes Bank stock (Shutterstock)The Yes Bank stock tanked almost 30 per cent on Tuesday, the first day of trading after the bank reported a huge loss of Rs 1,506 crore on Friday that triggered a raft of brokerage downgrades. Market valuation fell Rs 16,048.56 crore to Rs 38,909.44 crore on the BSE as the stock ended 29.23 per cent lower at Rs 168 on the BSE. Yes Bank dipped 29.70 per cent on the NSE to close at Rs 166.75. The disappointing results of the bank saw various brokerages downgrading the stock, including Macquarie which “double downgraded” the scrip to underperform. We had avoided upgrading Yes Bank preferring to hear the new management before next rating action.

Source: The Telegraph April 30, 2019 19:18 UTC