YES Bank Ltd witnessed a downturn in its share price, slipping by 20.75% in the past month, prompting investors to reevaluate their positions. Despite this recent decline, the stock has shown a significant annual ascent of 49.58%.
Market Performance and Recent Developments:
In Friday’s trading session, YES Bank shares dipped by 1.88% to Rs 22.99, retracing from the previous day’s gain of 11.50%. The decline comes amidst the backdrop of recent announcements by the bank regarding its operational strategies. YES Bank has secured approval from the National Payments Corporation of India (NPCI) for transitioning UPI consumer application services and offline merchant acquiring, previously managed by Paytm Payments Bank Ltd.
Analysts’ Perspectives and Technical Outlook:
Analysts offered varying perspectives on the technical setup of YES Bank shares. They noted potential support levels around Rs 19, with immediate resistance anticipated near Rs 24.50. Some analysts recommended maintaining a ‘Hold’ position, citing the bank’s sustained double-digit growth in advances and deposits. G Chokkalingam, founder and MD of Equinomics Research, highlighted YES Bank’s favorable price to adjusted book value ratio and improved asset quality.
Conclusion:
While YES Bank faces near-term challenges reflected in its share price decline, analysts emphasize the bank’s positive fundamentals and growth trajectory. Investors are advised to assess their risk tolerance and investment objectives while considering YES Bank’s potential for recovery amidst evolving market conditions.
