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Axis Bank cuts stake in Yes Bank

03:15 PM May 04, 2021 | FPJ Web Desk

Axis Bank has cut its stake in Yes Bank to 1.96 percent in March 2021 quarter against 2.39 percent in December 2020 quarter.

Shares of Yes Bank on Monday declined over 13 percent after the company reported a loss of Rs 3,790 crore on a consolidated basis for the March quarter.

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The stock tumbled 13.40 percent to Rs 12.60 on BSE. On NSE, it declined 11.68 percent to Rs 12.85.

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Yes Bank on Friday reported a Rs 3,790 crore loss on a consolidated basis for the March quarter, as against a profit of Rs 2,665 crore in the year-ago period, as the asset quality reverses faced due to the COVID-19 pandemic forced the bank to set aside money for potential loan losses.

The bank, which had to be bailed out in a SBI-led rescue a year ago, narrowed its losses in FY21 to Rs 3,488 crore as against Rs 16,432 crore in FY20.

On a standalone basis, it reported a loss of Rs 3,787 crore in the March quarter as against a Rs 2,628 crore net profit in the year-ago period.

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