Yes Bank Shares Fall 5% On Ratings Downgrade
Shares of Yes Bank Monday fell 5 per cent after ratings downgrade.
The scrip declined 4.72 per cent to Rs 167.30 on the BSE. On the NSE, shares dropped 5 per cent to Rs 167.05.
The private sector lender had a double-whammy on Saturday after domestic rating agency Icra downgraded its long-term ratings along with a negative outlook, citing a spike in its lower-rated advances and falling core capital buffers.
For Yes Bank, the agency downgraded the ratings on instruments totalling borrowings over Rs 33,000 crore by the lender, Icra said.
The bank had also reported its maiden loss of over Rs 1,506 crore in the March quarter, driven by a near ten-fold spike in provisions.
(PTI)
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