Shares of Yes Bank fell to a 33-month low of Rs 164.65, continuing its recent downtrend, after opening at Rs 180.40. The private sector bank's shares have fallen 15 percent in the last three sessions amid a series of negative news, denting investor confidence in the stock. For the year, the stock trades nearly 50 percent down.
The immediate negative trigger for Yes Bank shares was Moody's Investors Service downgrading its rating outlook to negative from stable, citing board resignations and concerns over corporate governance.
The rating agency has downgraded the bank's foreign and local currency bank deposit ratings to Ba1 from Baa3 and foreign currency senior unsecured MTN programme rating to Ba1 from Baa3. Its baseline credit assessment (BCA) and adjusted BCA to ba2 from ba1.
First Published: IST