Yes Bank shares fall on Icra downgrade
Shares of Yes Bank tumbled 95 per cent in intraday trade on Thursday after Icra downgraded the companys longterm ratings The stock, however, managed to restrict the fall later, trimming most of its sharp early losses and ended at Rs 16045, down 077 per cent on BSE Intraday, it slumped 9 per cent to Rs 147 its 52week low
New Delhi: Shares of Yes Bank tumbled 9.5 per cent in intra-day trade on Thursday after Icra downgraded the company's long-term ratings. The stock, however, managed to restrict the fall later, trimming most of its sharp early losses and ended at Rs 160.45, down 0.77 per cent on BSE. Intra-day, it slumped 9 per cent to Rs 147 - its 52-week low.
At NSE, shares of the company dropped 9.46 per cent to Rs 146.75 - its one year low during the trade. It, however, settled 1 per cent lower at Rs 160.45. After Moody's downgraded it citing poor corporate governance, its domestic arm Icra Wednesday followed suit, downgrading Yes Bank's long-term ratings.
"The rating downgrade considers the series of resignations from the board of directors, which raises concerns on corporate governance at the bank," Icra said in a note Wednesday. Shares of Yes Bank had slumped nearly 12 per cent Wednesday also after Moody's Investors Service downgraded the company's ratings to non-investment grade and changed outlook to negative from stable.