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Down for Fourth Straight Day, Yes Bank Shares Fall by 17% to Hit Six-Year Low

At 3:17 pm, shares of Yes Bank were trading at Rs 54.35, down 15.2%, after hitting an intra-day low of Rs 53. The Yes Bank stock has plunged more than 82% in the last one year.

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Updated:September 19, 2019, 4:14 PM IST
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Down for Fourth Straight Day, Yes Bank Shares Fall by 17% to Hit Six-Year Low
Image for representation. (Photo: Reuters)

Down for the fourth straight day, Yes Bank Ltd shares fell over 17% in intra-day trade Thursday, a six-year low, after CARE Ratings downgraded one of the lender’s promoter entities -- Rana Kapoor’s Morgan Credits Pvt. Ltd (MCPL).

At 3:17 pm, shares of Yes Bank were trading at Rs 54.35, down 15.2%, after hitting an intra-day low of Rs 53. The Yes Bank stock has plunged more than 82% in the last one year.

The non-convertible debentures (NCDs) of MCPL, which holds 3.03% stake in Yes Bank, were downgraded to ‘BBB-’ from ‘A-’ due to a sharp fall in the value of Yes Bank shares.

“The revised rating considers the moderation in cover due to fall in the stock price of the underlying shares of Yes Bank,” CARE Ratings said. The cover ratio in case of listed shares is defined as the ratio of the market value of the pledged shares to the outstanding debt (including account interest at the end of every six months).

Meanwhile, rating agency Moody’s said that Altico Capital’s default was credit negative for the banks with significant exposure to the real estate sector. “This is susceptible to asset quality difficulties if the real estate continues to slow,” Moody’s was quoted as saying.

Moody’s added that ICICI Bank and IndusInd Bank also have major exposure to commercial real estate sector. ICICI Bank and IndusInd Bank were down over 3% in trade on Thursday.

Notably, Morgan Credits and Yes Capital, another promoter shareholder of Yes Bank which owns 3.26% stake in the lender, had recently written to the surveillance departments of BSE and the National Stock Exchange (NSE) alleging that short-sellers were hammering the stock by spreading negative messages about the bank.

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