Yes Bank shares down nearly 4 pc on rating downgrade warning

Sumedha Shankar

New Delhi, Nov 7 (PTI) Shares of Yes Bank dropped nearly 4 per cent on Thursday after global ratings agency Moody's placed the private sector lender's ratings under review for downgrade.

The scrip declined 3.27 per cent to close at Rs 66.50 on the BSE. During the trade, it plunged 4 per cent to Rs 66.

It was the top loser among the 30-share Sensex companies.

At the NSE, it tanked 3.56 per cent to close at Rs 66.25.

In terms of volume, 158.31 lakh shares of the company were traded on the BSE during the day, while 18.98 crore shares were traded on the NSE.

Moody's on Wednesday placed Yes Bank's ratings under review for downgrade, further confounding the pains for the lender that has been dogged by many an issue since the past one year.

The Ba3 rating of the bank can be downgraded because of the weak September quarter earnings and the bank managing to get only a commitment for USD 1.2 billion in funding recently, the agency said.

The bank has been passing through a tumultuous period ever since the Reserve Bank asked promoter-chief executive Rana Kapoor to leave the bank by January 31, 2019 in August last year over concerns on governance and loan practices, and his successor Ravneet Gill disclosing large underreported stressed assets. PTI SUMRVK