YES Bank Ltd.'s stock continued to decline throughout Monday's trading session. The stock fell 4.27 percent, reaching a low of Rs 25.11 for the day. The share has plunged 23.47 percent to its current price from its one-year peak of Rs 32.81, which was reached on February 9 of this month.
There have been a few large acquisitions for the private lender lately. According to BSE bulk trade data, the US-based Carlyle Group company CA Basque Investments sold 39 crore YES Bank shares, or 1.35 percent of the total, at an average price of Rs 27.10 per share. As of December 31, 2023, the Carlyle company owned 6.43% of YES Bank. Now, the percentage has dropped to 5.08 percent. Nevertheless, according to BSE records, Morgan Stanley Asia (Singapore) PTE has acquired over 30.63 crore shares at a price of Rs 27.10 per.
The general consensus among technical analysts was that the counter appeared "weak" on daily charts. Support was shown at the Rs 23 mark on the counter. "The stock looked weak on daily charts and may slip towards Rs 23 level," stated Ravi Singh, the founder of DRS Finvest. The opposition will be close to Rs 27.
Prabhudas Lilladher's Shiju Koothupalakkal, a technical research analyst, stated: "The stock has had a reasonable pullback from its top level. Significant profit booking has occurred. Near Rs. 24.60 will be the immediate support, and Rs. 22 will be the next significant support."
"YES Bank stock price looks bearish on daily charts with strong resistance at Rs 27.35," stated AR Ramachandran of Tips2trades. The short-term aim of Rs 20 might be reached if the daily close falls below the support level of Rs 23."
The counter moved in the opposite direction from the 5-day, 10-, 20-, and 30-day simple moving averages (SMAs), but in the opposite direction from the 50-, 100-, 150-, and 200-day SMAs. Its relative strength index (RSI) for the past 14 days was 40.40. Oversold is defined as a level below 30, while overbought is defined as a number beyond 70.
US stocks close up; pay attention to earnings and rates
In comparison to the price-to-book (P/B) ratio of 1.82, the company's stock has a price-to-equity (P/E) ratio of 75.32. The private bank had a 2.42 return on equity and 0.35 earnings per share (EPS).
A low return on asset (RoA) of 0.3% in FY24 (2023–24) may result from a restrained margin profile and a bottoming out of credit cost improvements, according to a separate analysis by Goldman Sachs about the YES Bank's fundamentals. A downward goal of Rs 16 has been set for the counter by the global investing business.
