Yes Bank shares saw heavy selling pressure at higher levels in morning trade on Monday after the private lender reported 10 per cent rise in June quarter net profit to Rs 343 crore. Shares of Yes Bank opened on a positive note and touched an opening high of Rs 18.44 on BSE, showing a gain of 2.10 per cent over its previous close.
However, profit-booking soon surfaced and the stock hit a low of Rs 17.53, down 2.93 per cent from its previous close on the BSE. Similar movement was witnessed on the NSE, where the stock opened at Rs 18.40, then settled at Rs 17.65, down 2.22 per cent over its previous close. The stock also hit an all-time high of Rs 18.45 on the NSE in early trade.
Meanwhile, the 30-share BSE Sensex was trading 40.56 points or 0.06 per cent higher at 66,724.82. In a regulatory filing on Saturday, SBI-controlled Yes Bank reported a 10 per cent rise in net profit to Rs 343 crore for the June 2023 quarter due to a decline in bad loans.
The Mumbai-based private sector lender had posted a net profit of Rs 311 crore in the year-ago period. The company said its total income in the first quarter of the current financial year rose to Rs 7,584 crore from Rs 5,876 crore a year ago.