13 Apr , 2021 By : Kanchan Joshi
Yes Bank share price crashed near 6 per cent on Monday as the Indian Indices bleed heavily after the record rise in COVID-19 cases in India. Yes Bank stocks closed at Rs14.55, breaking its immediate Rs15 support. According to stock market experts, the private lender stock may continue to remain bearish as market regulator SEBI (Securities and Exchange Board of India) has penalised senior wealth management officials of Yes Bank in AT1 bond case. They said that Yes Bank shareholders should maintain the stop loss at Rs13 as the banking stock is trading in the range of Rs13 to Rs18.
Speaking on the Yes Bank share price outlook Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Yesterday, SEBI imposed Rs25 crore penalty on Yes Bank and fines of Rs50 lakh to Rs1 crore on senior executives of its private wealth management team. This SEBI crackdown was one of the major reasons for Yes Bank share price crash. Since, the private lender has to include interest on interest for its depositors in the fourth quarter, market is expecting Yes Bank's balance sheet to slip into the negative zone. So, Yes Bank stocks are expected to continue under pressure."
Recommending sell on rise in Yes Bank share price Mudit Goel, Senior Research Analyst at SMC said, "Yes Bank shares are range-bound with negative outlook. Currently, its range is Rs13 to Rs18 that means in case of any trend reversal, Yes Bank stock price may go up to Rs18 while its support is Rs13. So, those who have Yes Bank shares in their portfolio they are advised to maintain the stop loss at Rs13 as it has broken its recent Rs15 support."
Mudit Goel of SMC went on to add that Yes Bank share price may go up to Rs10, in case, Rs13 stop loss triggers.
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