Outlook & Valuation: We have a neutral view on Yes Bank, considering low
CET of 8.04% for growth, the bank will have to raise capital at current valuations,
which is dilutive, uncertainty related to BB & below book performance, any
fresh set of downgrade in investment and advances will absorb CET1 and will impact
growth. Hereon, the banks performance is more dependent on certain events viz.
resolution of some large exposure and capital raising, which is contingent.

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