Bangalore, May 30 (Reuters) – Shares of Yes Bank Ltd fell 30 percent on Tuesday, after the Indian private sector lender posted its first quarterly loss last week because nine times jump provisions for doubtful loans.
The Indian banking sector is struggling with high levels of bad assets in recent years, their problems are compounded by weak performances in the infrastructure sector and the airline.
The company posted a loss at 15:07 billion rupees ($ 216.00 million) for the quarter ended March 31, while analysts had expected a profit of 10.70 billion rupees. Provisions and contingencies rose to Rs 36.62 billion from 4 billion rupees a year ago.
Yes Bank shares dived as much as 30 percent of very large volumes of & # 39 in early trading on Tuesday, the biggest intraday percentage loss since September 21, 2018.
$ 1 = 69.7700 Indian Rupee
Reporting by Chris Thomas in Bangalore; Rashmi editing