Yes Bank Shares Jump 3.5% On Moody's Upgrade

Shares in Yes Bank in early trade on August 4, 2020 jumped as much as 3.5% to day's high price of Rs. 12.41 per share on the BSE.

The global company Moody's has upgraded the lender's creditworthiness by a notch giving the rationale of successful fund raising.

Yes Bank Shares Jump 3.5% On Moody's Upgrade

Yes Bank is now graded B3 compared to Caa1 earlier reflecting an improvement within the high-yield categories.

"The successful equity raising showcases Yes Bank's regained access to external market funds, which is a result of its impr improving financial strength and will support depositor confidence," Moody's said in a report Monday.

Yes Bank raised a sum of $2 billion from both domestic and global institutions the move that has strengthened its solvency situation.

At 9:22, the stock of Yes Bank was up 2.5% at Rs. 12.28 per share.

GoodReturns.in