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Yes Bank Shares Falls After ICRA Downgrades

Shares of Yes Bank tanked by ~5 per cent on Monday, after the credit ratings agency ICRA lowered its ratings on the Yes bank’s long-term bonds. On the NSE, the Yes Bank share price declined  upto 5% intraday low of  Rs.167 per share compared to its previous close of Rs175.90. On the Bombay Stock Exchange, the YesBank scrip fell 4.24pc to hit an intraday low of Rs167 per share, V/s its previous close of Rs175.60.

In a statement on the weekend Friday, ICRA rating agency downgraded Yes Banks long term bond ratings , i.,e  Bank’s  tier-I bond lowered two notches from ‘AA’- to ‘A’ and tier-II bonds from ‘AA’ to ‘AA-’

Further,  the YES Bank has slipped 3 notches to tenth spot, in terms of market valuation, for the first time, since its shares slumped more than 30 percent in the last two trading sessions, after the lender reported a surprise net loss in its March quarter earnings.

At 1:35pm, Yes Bank shares traded 4.69pc lower at Rs167.65 per share on the NSE, underperforming the benchmark Nifty50 index which was slipped 0.92pc.