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Yes Bank Trades Firm Even After Removal From MSCI Index And Loans To Shell Firms
Stock of Yes Bank is in news for quite a while, the stock after losing a great deal is now showing some resilience. The stock was last seen trading higher by 1.28% at Rs. 67.35, while it made an intra-day low and high of Rs. 64.35 and Rs. 69.55 on the BSE.
The stock saw exclusion from the MSCI index as the major index looked to weed out heavily debt burdened scrips. It is part of the semi-annual rejig in its in its Global Standard Index that was announced on November 7.
Also, as another development, it has been reported that the lender extended loans totaling to Rs. 2000 crore to companies that have a link with Indiabulls. This is as per a Mint report and such companies either have a negative worth or have an average equity of just Rs. 1 lakh.
On Thursday, the stock of Yes Bank drifted lower after Moody's placed the stock under review for downgrade. The Ba3 rating of the lender may see a further lowering due to weak quarterly numbers for the period ending September and lower fund raising commitment of just $1.2 billion.
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