CITI ON YES BANK ; SELL | TP CUT TO ₹17.50

• Supreme Court upholds Bombay HC verdict against Yes Bank’s AT1 bond write-down. • Court says the reconstruction scheme did not authorise the write-down and the administrator lacked authority. • ₹8,415 Cr AT1 bonds remain valid and outstanding. • Reversal could materially hit Yes Bank’s capital adequacy. • Citi estimates ~250 bps CET1 impact, taking CET1 to ~11.5%, excluding AT1 coupons. • Book value could fall by ~13–14%, potentially requiring a capital raise to rebuild buffers.

YES BANK LIMITED

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