Beleaguered Yes Bank will be removed from the Nifty50, Nifty banking and all equity indices from March 19 instead of March 27, the National Stock Exchange (NSE) said in a filing. The lender will be replaced in the index by Bandhan Bank, the statement added. The replacement has been announced on account of non-availability of future and options contracts in Yes Bank shares.
Last week, the exchange said that Yes Bank would be replaced on Nifty banking index with Bandhan Bank from March 27.
Apart from the banking index, changes will be made in Nifty Alpha 50, Nifty High Beta 50, Nifty 500, Nifty Smallcap 250 and Nifty Midsmallcap 400. The bank will also be dropped from futures and options segment from May 29.
On Saturday, Yes Bank reported a wider-than-expected quarterly loss of Rs 18,564 crores for the quarter ended December on the back of a steep rise in bad loans. The loss, as reported in a filing, was significantly wider than Rs 570 crore loss expected by analysts, according to Refinitv data. For the same quarter a year ago, it had turned in a profit of Rs 1,002 crore.
Declaring its numbers, Yes Bank said its deposit base has shrunk by almost Rs 72,000 crores between October 1, 2019 to March 14, 2019, and gross bad loans risen to Rs 40,709 crores as of Q3 from Rs 17,134 crores in the previous quarter.
The bank also disclosed that it has received investment commitments of Rs 10,000 crores from the State Bank of India and seven other private sector banks.