Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Yes Bank Shares Drop 5% After ICRA Downgrades Bond Ratings

ICRA downgraded Yes Bank’s tier-I bond from AA- to A and tier-II bonds from AA to AA-. The outlook is negative on both bonds.

Trending Desk

Updated:May 6, 2019, 8:41 PM IST
facebookTwitterskypewhatsapp

Yes Bank shares dropped as much as 5% in intra-day trade on Monday after rating agency ICRA downgraded the lender’s long-term bond ratings and guided for a negative outlook.

The Yes Bank stock was trading at Rs168.65, down 4%, on BSE at 12:40pm.

ICRA downgraded Yes Bank’s tier-I bond from AA- to A and tier-II bonds from AA to AA-. The outlook is negative on both bonds, Yes Bank said in a press note to the exchanges.

Yes Bank’s ability to resolve below-rated advances in a timely manner will remain a key driver of its asset quality, profitability and capital position, said ICRA.

ICRA also said that the bank’s capital buffers may weaken following voluntary provisions and heavy losses in the March quarter. Yes Bank had reported its highest ever quarterly loss of Rs1,507 crore for the three-month period ended March on the back of provisions against bad loans. The bank’s shares had lost over 35% since the earnings announcement.

Last November, ICRA had placed Yes Bank’s ratings under watch with negative implications after the Reserve Bank of India (RBI) had refused Rana Kapoor to head the bank beyond 31 January 2019, citing corporate governance issues.

In a separate development, RBI also imposed a penalty of Rs 11.25 lakh on Yes Bank for violating money transfer norms. “(The) Reserve Bank of India (RBI) vide its speaking order dates April 22, 2019, imposed a penalty of Rs 11,25,000 under the Payment and Settlement Systems Act, 2007,” Yes Bank said in a regulatory filing.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 51.40 8.44
Reliance 1,416.35 1.42
Indiabulls Hsg 231.20 16.80
Zee Entertain 250.20 -5.39
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
HDFC AMC 2,882.20 6.11
Yes Bank 51.40 8.44
Indiabulls Hsg 231.50 17.42
Reliance 1,415.30 1.37
IRCTC 779.20 7.57
Top Gainers
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.28
Adani Ports 421.70 3.07
Grasim 746.50 3.03
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.31
Maruti Suzuki 7,318.15 2.74
Power Grid Corp 202.55 2.45
NTPC 121.00 2.02
Top Losers
Company Price Change %Gain
Zee Entertain 250.20 -5.39
Tata Motors 136.85 -1.90
Eicher Motors 20,275.90 -1.05
Bajaj Auto 3,087.05 -0.79
Hindalco 187.40 -0.74
Company Price Change %Gain
Tata Motors 136.70 -1.05
Bajaj Auto 3,087.75 -0.73
Bharti Airtel 383.25 -0.65
ICICI Bank 437.75 -0.64
Axis Bank 709.20 -0.19

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results