Yes Bank Ltd.

“Yes Bank is a reconstructed franchise that earns a 7% ROE against a ~15% cost of equity, has no durable deposit franchise, a governance legacy that destroyed the institution once, and a valuation at 1.27x book that prices in a profitability turnaround the bank has consistently failed to deliver — it is a value trap where the probability of permanent capital impairment over a 5-10 year horizon is materially higher than for any peer-group bank, and capital is better deployed in virtually any other Indian private sector bank.”