Shares of Yes Bank ended the last trading session in the red. The counter had closed at Rs 16.89 – a fall of 1.69 per cent against the previous close of Rs 17.18.
Shares of Yes Bank are expected to witness some action on Tuesday, when markets open after an extended weekend. The bank has stated that it has received a demand notice of Rs 2,209 crore for the assessment year 2019-20.
The said assessment year was reopened by the income-tax department in April 2023, the BSE 100 company said in a regulatory filing.
Yes Bank Share Price
Shares of Yes Bank ended the last trading session in the red. The counter had closed at Rs 16.89 – a fall of 1.69 per cent against the previous close of Rs 17.18.
During the day, it hit an intraday low of Rs 16.82 and an intraday high of Rs 17.50.
The 52-week high of the scrip is Rs 28.50, and the 52-week low is Rs 16.02. The market cap of the company is Rs 52,957.10
Yes Bank Share Price History
The stock has given a multibagger return of 159 per cent in five years and just 5 per cent in one year. Moreover, the stock has corrected 9.53 per cent in six months.
Substantial Grounds To Defend Its Position: Yes Bank
The total income that was assessed in the original assessment order passed under section 144 of the Income Tax Act has remained unchanged in the reassessment order and consequently, no demand should have been raised against the bank, it said.
However, it said, despite this, the computation sheet and the Notice of Demand issued under section 156 of the Act, of even date, have raised an income-tax demand amounting to Rs 2,209.17 crore, including interest of Rs 243.02 crore, which prima facie appears to be “without any basis”.
Therefore, the bank believes that it has adequate grounds to reasonably substantiate its position in this matter and does not expect any material adverse impact on its financial, operation or other activities due to the said order, it said.
The bank would pursue an appeal and rectification proceedings against the said reassessment order under the applicable law, it added.
