Yes Bank slumped 5.15% to Rs 64.45 after Altico Capital, a non-banking finance company, defaulted on interest payment to Dubai-based Mashreqbank PSC.
An interest payment of Rs 19.97 crore was due on 12 September 2019, according to a regulatory filing. This payment is now in default. The principal amount for the external commercial borrowing on which Altico Capital has defaulted stands at Rs 340 crore, the filing said.
As on 12 September 2019, Altico had borrowed a total of Rs 4,361.55 crore from banks/financial institutions.
Shares of Yes Bank tumbled amid reports that it is likely to have an exposure to Altico Capital.
On the BSE, 65.61 lakh shares were traded in the Yes Bank counter so far compared with average daily volumes of 136.26 lakh shares in the past two weeks. The stock hit a high of Rs 67.15 and a low of Rs 64.1 so far during the day.
The stock hit a 52-week high of Rs 328.95 on 19 Sep 2018. The stock hit a 52-week low of Rs 53.15 on 22 Aug 2019.
Yes Bank's net profit fell 91% to Rs 113.76 crore on a 9.9% rise in the total income to Rs 9088.80 crore in Q1 June 2019 over Q1 June 2018.
Yes Bank's gross non-performing assets (NPAs) stood at Rs 12092.10 crore as on 30 June 2019 as against Rs 7882.56 crore as on 31 March 2019 and Rs 2824.46 crore as on 30 June 2018.
The ratio of net NPAs to net advances stood at 2.91% as on 30 June 2019 as against 1.86% as on 31 March 2019 and 0.59% as on 30 June 2018.
Yes Bank's net provisions at Rs 1784 crore in Q1 June 2019 includes one off impact of Rs 1109 crore of investment MTM provision led by rating downgrades of investments in companies of two financial services groups.
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