LIVE TV DownloadNews18 App
News18 English
»
1-min read

Yes Bank Shares Dive Nearly 12%, M-cap Plunges Rs 4,909 cr on Ratings Downgrade

The stock fell sharply by 11.71 per cent to end at Rs 161.70 on the BSE. During the day, it dived 12.55 per cent to Rs 160.15, its 52-week low.

PTI

Updated:November 28, 2018, 5:08 PM IST
facebookTwittergoogleskypewhatsapp
Yes Bank Shares Dive Nearly 12%, M-cap Plunges Rs 4,909 cr on Ratings Downgrade
Image for representation. (Photo Reuters)
Loading...
New Delhi: Shares of Yes Bank slumped nearly 12 per cent on Wednesday after Moody's Investors Service downgraded the company's ratings to non-investment grade and changed outlook to negative from stable.

The stock fell sharply by 11.71 per cent to end at Rs 161.70 on the BSE. During the day, it dived 12.55 per cent to Rs 160.15, its 52-week low.

On the NSE, shares of the company plunged 11.30 per cent to close at Rs 162.

The stock was the worst hit among the blue chips on both the key indices during the day.

The company's market valuation dropped by Rs 4,909.72 crore to Rs 37,384.28 crore on the BSE.

In terms of equity volume, 154.99 lakh shares of the company were traded on the BSE and over 14 crore shares changed hands on the NSE during the day.

Moody's Investors Service Tuesday downgraded Yes Bank's ratings to non-investment grade and changed outlook to negative from stable on the back of various resignations from the board.

The resignations, when seen in conjunction with RBI's September directive to restrict the term of the bank's MD and CEO Rana Kapoor, till January 31, 2019, have raised concerns over the corporate governance, it said.

"Although the bank's reported credit fundamentals remain stable, the developments surrounding the transition in leadership as well as the governance issues are credit negative because they complicate management's effective implementation of the bank's long-term strategy," it said.

Furthermore, these developments could constrain the bank's ability to raise new capital, Moody's said.
| Edited by: Anu Parthiban
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Kotak Mahindra 1,237.90 -3.98
Yes Bank 222.00 3.18
Reliance 1,232.35 -1.17
Indiabulls Hsg 679.95 -0.58
Axis Bank 702.05 0.70
Company Price Change %Gain
Kotak Mahindra 1,241.05 -3.71
Reliance 1,232.60 -1.11
Yes Bank 221.95 3.23
Indiabulls Hsg 680.35 -0.40
HDFC Bank 2,091.65 -1.11
Top Gainers
Company Price Change %Gain
IOC 137.20 4.65
HPCL 230.95 3.59
Yes Bank 222.00 3.18
JSW Steel 285.85 3.18
Vedanta 169.65 3.07
Company Price Change %Gain
Yes Bank 221.95 3.23
Tata Motors 174.55 2.86
Vedanta 169.30 2.86
NTPC 139.70 2.27
M&M 646.10 2.01
Top Losers
Company Price Change %Gain
Kotak Mahindra 1,237.90 -3.98
GAIL 327.15 -1.37
Reliance 1,232.35 -1.17
HDFC Bank 2,091.45 -1.16
Cipla 541.30 -0.77
Company Price Change %Gain
Kotak Mahindra 1,241.05 -3.71
Reliance 1,232.60 -1.11
HDFC Bank 2,091.65 -1.11
IndusInd Bank 1,463.35 -0.56
Bajaj Finance 2,641.05 -0.45

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results