Shares in private sector lender Yes Bank in trade on November 10 hit 5 percent upper circuit after rating firm CARE Ratings upgraded the debt securities of the bank. On the infrastructure bonds, the rating agency has made an upgrade to 'CARE BBB' from the earlier 'CARE B'.
For the bank's Upper Tier II Bonds as well as Perpetual Bonds (Basel II), CARE has made an upgrade to 'CARE BB+' from the earlier 'CARE D'. For Additional Tier I Bonds (Basel III), the firm has withdrawn ratings, while for Lower Tier II Bonds as well as Tier II Bonds (Basel III), CARE has revised the ratings to 'CARE BBB' and provided from a stable outlook in comparison to the earlier 'CARE B' rating and 'Under Credit watch with Developing Implications'.
On the development there has been witnessed a spurt in volume in the counter of as much as 38,694,671 on the NSE at 11:40 am in comparison to the otherwise five-day average of 17,622,667 shares.
At around 11:40 am, stock of Yes Bank was locked in 5% upper circuit at Rs. 13.54 per share on the BSE.