Indian shares snapped three sessions of gains to end lower on Thursday, dragged by financials, mainly Yes Bank Ltd that saw heavy selling throughout the session following poor quarterly results. The benchmark BSE index closed down 0.81% at 38,897.46 but had risen 1.2% in three sessions till Wednesday. The broader NSE index ended 0.78% lower at 11,596.9, having gained 1.7% in the previous three sessions.
Yes Bank settled 12.8% lower, with volumes exceeding twice its 30-day averages. Oil and Natural Gas Ltd ended 4.4% down. Yes Bank reported a bigger-than-expected 91% drop in quarterly profit on Wednesday as provisions surged, prompting brokerages including Jefferies and J.P Morgan to slash their price targets on the stock. IT firm Mindtree Ltd plunged 10.6% after it posted a 41% drop in quarterly profit.
Share of CARE Ratings Ltd fell 5.1%, their sharpest intraday drop in over 10 weeks, after the rating agency sent Chief Executive Officer Rajesh Mokashi on leave pending an inquiry.