Here's the latest analysis and commentary by stock market guru SP Tulsian on what is moving the markets today.
On Yes Bank multiple downgrades, Tulsian said, "Would not give much relevance to rating agency downgrades but if one were to look at the serious issues with regards to the borrowings by their two promoter shareholders - Yes Capital and Morgan Credits, although that has nothing to do with the bank, the market will not take this is in right spirit. It also shows that things are not happening in a transparent manner at the promoter level."
A day after Moody's downgraded it citing poor corporate governance, its domestic arm Icra on Wednesday followed suit with a similar action, downgrading Yes Bank's long-term ratings.
"These things shake the interest of institutional investors," said Tulsian, adding that in Yes Bank, the institutional investor stakes are 62 percent and 20 percent by promoters.
"When there is panic, sentiments play a strong role, so there is no point in taking a valuation call on the stock but if one were to look at the positives, December 13 meeting will be crucial, where they will announce names of two independent directors and maybe the name of Chairman," said Tulsian.
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