YES Bank shares plunge 12%, lowest in 32 months, on ratings downgrade

Ratings agency Moody's on Tuesday downgraded the bank's instruments and changed its outlook on the bank from stable to negative

Private lender YES Bank’s stock plunged nearly 12 per cent on the BSE on Wednesday, closing at Rs 161.70. This is the lowest for the bank in the past 32 months. 

Rating agency Icra on Wednesday downgraded the bank’s rating. The agency said a series of resignations at YES Bank raised concerns about the lender’s corporate governance. It has placed the long-term rating for YES Bank on watch. It has also downgraded YES Bank’s basel III additional tier-I bonds from AA to AA-.

Moody’s downgraded the bank’s instruments and changed its outlook from stable to negative on Tuesday. 

The lender announced it would