Yes Bank hits over two-year low after ICRA, CARE cut ratings
Updated : November 29, 2018 02:09 PM IST
India's fifth largest private-sector lender by assets has had a tumultuous couple of months, with its stock nearly halving in value this year and a number of departures from its board, since the country's central bank cut short its chief executive officer Rana Kapoor's term in September.
ICRA downgraded domestic long-term ratings of the bank's senior debt instruments to 'ICRA AA' from 'ICRA AA+' and its subordinate debt instruments to 'ICRA AA-' from 'ICRA AA', the bank said late on Wednesday.
Meanwhile, CARE Ratings cut domestic ratings of Yes Bank's senior debt instruments to 'CARE AA+' from 'CARE AAA' and subordinate debt instruments to 'CARE AA' from 'CARE AA+'.