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Shares of YES Bank today hit the lowest in over 2-1/2 years on ICRA and CARE downgrade. The private-sector lender shares slumped as much as 6.1 per cent to Rs 151.15, lowest since March 2016.
According to a BSE filing, ICRA has downgraded the domestic long-term ratings of senior debt instruments to 'ICRA AA' from 'ICRA AA+' and subordinate debt instruments to 'ICRA AA-' from 'ICRA AA'.
CARE Ratings has also cut the domestic ratings of senior debt instruments to 'CARE AA+' from 'CARE AAA' and subordinate debt instruments to 'CARE AA' from 'CARE AA+'. ICRA said the ratings will remain on watch with negative implications, while CARE said the ratings will remain on credit watch with developing implications.
More than 35.8 million shares traded by 0405 GMT vs 30-day average volume of 49 million. YES Bank stock had fallen 48.6 per cent this year as of last close.
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