Shares of Yes Bank slumped nearly 30 per cent Tuesday after the company reported a loss of Rs 1,506.64 crore for the fourth quarter ended March 31, owing to rise in provisioning for bad loans.
The scrip tanked 29.23 per cent to close at Rs 168 on the BSE. During the day, it plummeted 30.37 per cent to Rs 165.30.
At the NSE, shares cracked 29.70 per cent to close at Rs 166.75.
The scrip was the worst hit among the front-line companies on both the indices during the day.
The company's market valuation plunged by Rs 16,048.56 crore to Rs 38,909.44 crore on the BSE.
"Yes Bank opened gap down and fell over 29 per cent today as the street is unhappy with the quarterly numbers which reported a massive net loss of Rs 1,507 crore on the back of provisions which rose nearly seven times," said Umesh Mehta, Head of Research, Samco Securities Ltd.
In terms of traded volume, 206.47 lakh shares were traded on the BSE and over 21 crore shares on the NSE during the day.
Markets were closed on Monday due to elections in Mumbai.
The bank had recorded a net profit of Rs 1,179.44 crore on standalone basis during January-March period of 2017-18, it said in a regulatory filing Friday.
The bank's total income rose to Rs 8,388.38 crore as against Rs 7,163.95 crore in the same quarter of the previous fiscal, the bank had said in the filing.
On the asset quality front, gross non-performing assets (NPAs) of the bank doubled to 3.22 per cent of the gross advances as on March 31, 2019 from 1.28 per cent at the end of 2017-18.
