Whalesbook
Supreme Court ka Verdict Kab?
So, Supreme Court mein sunwai toh khatam ho gayi hai, aur unhone apna faisla abhi reserve rakha hai, jo 26 Feb tak aa sakta hai. Yes Bank poora confident hai ki Supreme Court ka jo bhi ruling hoga, usse bank ke paison pe koi khaas asar nahi padega. Bank ka kehna hai ki yeh write-down rules aur terms ke hisaab se hi kiya gaya tha.
Asal mein, yeh AT-1 bonds na, banks ke liye capital jodny ka ek tareeka hai, specially jab market mein risky situations ho. Ye equity se pehle loss absorb karne wale buffer hote hain. Lekin jab bank ki haalat kharab hoti hai, toh in bonds ko cancel ya equity mein badla ja sakta hai. Yes Bank mein 2020 ke crisis ke baad ₹8,415 crore ke AT-1 bonds ko write-off kar diya gaya tha. Bondholders ko yeh pasand nahi aaya aur unhone Bombay High Court mein case jeeta bhi tha, jahan bola gaya tha ki sirf RBI hi write-down kar sakta hai, administrator nahi.
Market Kya Keh Raha Hai?
Halanki bank confident hai, investors thoda nervous hain. Jabse yeh case chalu hua hai, Yes Bank ka share price ₹17.20 se lekar ₹24.30 tak ghuma hai pichle 52 weeks mein. Haaan, kuch dinon mein trading volume kaafi high dekhi gayi hai, jaise 6 aur 27 Feb ko, par stock mein koi badi tezi nahi dikhi. Share price abhi around ₹20.19 chal raha hai, jisme bank ki market cap ₹63,388 crore hai. Analysts bhi divided hain, par zyada tar 'Sell' rating de rahe hain aur target price ₹19.36 ke aas paas bata rahe hain, matlab abhi bhi upside kam lag raha hai.
Aage Kya Ho Sakta Hai?
Yeh Supreme Court ka faisla sirf Yes Bank ke liye hi nahi, balki future mein India mein AT-1 bonds aur aise hybrid instruments ke liye ek naya precedent bana sakta hai. Agar Yes Bank ke khilaf koi ruling aati hai, toh dusre banks ke liye bhi AT-1 bonds issue karna ya manage karna mushkil ho sakta hai. Waise bank ne apna FY26 ka audited results bhi approve karwa liya hai, jisme sab theek lag raha hai, aur unke paas ek 3-year ka plan bhi hai business improve karne ka. Par yeh AT-1 bond wala case jab tak finally clear nahi hota, investors thoda caution rakhenge hi.