Yes Bank’s 14.6% Fall Tops Last Week’s Losers

was last week’s biggest loser among the large and mid-cap stocks covered in Business Standard’s weekly review, falling 14.63% over October 12-16. Nestle India was the worst performer inside the Nifty 50, down 5.06% and losing about ₹13,016 crore in market value. The cause: On October 15 the Supreme Court upheld a Bombay High Court order that quashed the 2020 write-off of ₹8,415 crore of AT-1 bonds. The shares fell 14.5% that day and lost about ₹9,605 crore of market value, with a fresh 52-week low during the session. They slid further on Friday. A stock-specific sell-off: The Nifty gained 2.78% for the week, so the fall was not a market-wide move. A healthy business: Q2 results on Saturday showed net profit up 65% to ₹1,080 crore and net interest income up 22.7%. Net NPA improved to 0.2%. The unresolved cost: The results exclude the AT-1 ruling, and the auditors gave a qualified conclusion. The bank’s own pro forma shows a net loss of ₹5,217 crore for the quarter if the impact were recognised, which could cut net worth to about ₹46,970 crore.