CNBC-TV18's Consulting Editor Udayan Mukherjee says that despite the sharp correction, investors should stay away from the stock.
Udayan Mukherjee
Yes Bank shares plunged nearly 30 percent a day after it announced a Rs 1,507-crore loss in the fourth quarter that its new management led by CEO Ravneet Gill dubbed as "kitchen sinking".
However, CNBC-TV18's Consulting Editor Udayan Mukherjee says that despite the sharp correction, investors should stay away from the stock.
"Buying Yes Bank at this stage would be a colossal mistake," he told Moneycontrol. "On the one hand, there is the possibility of fairly significant negative surprises over the next few quarters. Plus, the management has admitted that the bank is undergoing a transition from trade finance etc to a retail franchise. The transition means that growth will remain slow over the next three years."
First Published on Apr 30, 2019 08:33 pm
