YES Bank share price targets: Goldman Sachs, Citi among 10 brokers with 'Sell' calls; what Nomura, others say

Yes Bank reported Rs 17 and Rs 16.50. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.

Against that, the stock is -2.7% on the day at ₹16.42, and has returned -29.1% over three months. It sits 36% below its 52-week high, which means a good deal of bad news was already in the price. The banks sector has moved -4.8% over the same period, so Yes Bank is running 24.3 points behind its peers.

For Yes Bank, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.