The private lender Yes bank stock plunged 10% on January 23 due to provisions for past-due loans,

which caused the company’s net profit for the quarter ending in December 2022 to decline by 80% year over year.

Compared to the same quarter a year ago, the net profit for the quarter was Rs 52 instead of Rs 266 crore.

Non-tax provisions increased by 125 percent year over year and by 45 percent quarter over quarter to Rs 845 crore.

Another development involves the Bombay High Court’s decision to overturn Yes Bank’s March 2020 decision to write off Rs 8,415 crore of extra tier 1 (AT1) bonds.