I enjoy every time the discussion happens on this thread. I see many people who profess about being value investors or worshippers of famous value investors suddenly change tune when it comes to a stock which is beaten black & blue due to business problems. Now I don’t know if Yes Bank qualifies as a value investment today but I’ve seen Axis & ICICI face the same kind of problems and emerge from them strongly. ICICI went down to 260 before now touching 400+ and Axis went to 480 before moving to 750+ now.
Both had bad loans divergence issue, leadership turnover, quarterly losses, capital raising and eventual new direction set by new CEO (in this order no less!) which the market cheered as reflected in the price movements.
I don’t know why people are perceiving some other direction for Yes when all the signs are pointing to the same trajectory as Axis and ICICI - leadership turnover, quarterly losses due to high provision, capital raising plans and new direction by CEO ( slower, more responsible growth in book, more focus on compliance, book clean up, retail SME focus etc.).
Just sharing what I had written back in the dark days of Q3’19:
Disclosure: invested