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Yes Bank Shares Fall To 2-Year Low Price After Successive Rating Downgrades
The shares of Yes Bank in Thursday's trade are trading weak and have hit two-year low after successive rating downgrades for their debt instruments by ICRA and CARE Ratings.
After RBI has reduced the term for Rana Kapoor to January 2019 and thereafter several exits at the country's fifth largest private lender, the bank has seen its share price nearly halve in value.
In the early trade today, the stock hit the lowest price since March 18, 2016 of Rs. 152.15 per share.
ICRA downgraded domestic long-term ratings of the bank's senior debt instruments to 'ICRA AA' from 'ICRA AA+' and its subordinate debt instruments to 'ICRA AA-' from 'ICRA AA', the bank said on Wednesday.
Meanwhile, CARE Ratings cut domestic ratings of Yes Bank's senior debt instruments to 'CARE AA+' from 'CARE AAA' and subordinate debt instruments to 'CARE AA' from 'CARE AA+'.
Early in this week, Moody's also downgraded the foreign currency issuer rating of the bank as well as changed outlook from stable to negative.
ICRA said Yes Bank's ratings remain on watch with negative implications, while CARE said ratings remain on credit watch with developing implications.
The scrip at the time of reporting has been trading lower by 7.79% at Rs. 149.10 for a share.
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