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Yes Bank drops after Moody's places ratings under review

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was down 2.80% to Rs 135.40 at 09:20 IST on the BSE after credit rating agency Moody's put the bank's ratings under review for downgrade.

The announcement was made after market hours yesterday, 11 June 2019.

Meanwhile, the S&P BSE Sensex was down by 141.25 points, or 0.35% to 39,809.21.

On the BSE, 3.84 lakh shares were traded in the counter so far compared with average daily volumes of 48.65 lakh shares in the past two weeks. The stock had hit a high of Rs. 137.05 and a low of Rs 135.15 so far during the day. It hit a 52-week high of Rs. 404 on 20 August 2018 and a 52-week low of Rs. 132.50 on 10 June 2019.

has placed Yes Bank's foreign currency issuer rating of Ba1 under review for downgrade. Moody's has also placed the bank's deposit ratings of Ba1, foreign currency senior unsecured MTN program rating of (P)Ba1, and Baseline Credit Assessment (BCA) and adjusted BCA of ba2 under review for downgrade.

At the same time, Moody's has placed the bank's Counterparty Risk Assessment (CR Assessment) of Baa3(cr)/P-3(cr) and domestic and foreign currency counterparty risk rating (CRR) of Baa3/P-3 under review for downgrade. In addition, Moody's has affirmed the bank's deposit rating of NP.

The review for downgrade takes into account Moody's expectation that the ongoing liquidity pressures on Indian will negatively impact the credit profile of Yes Bank, given the bank's sizeable exposure to weaker in the sector. At the end of March 2019, Yes Bank's exposure to Indian housing (HFC) and companies (NBFC) represented 6.4% of its total exposure. In addition, had a 7% direct exposure to the commercial and residential as of the same date, which is also under pressure, because liquidity conditions have worsened for the real estate sector, just like with the HFCs and NBFCs.

reported a net loss of Rs 1506.64 crore in Q4 March 2019 over a net profit of Rs 1179.44 crore in Q4 March 2018. The total income of the company rose by 17.1% to Rs 8388.23 crore during the stated period.

Yes Bank is a The Bank is engaged in providing banking services, including corporate and institutional banking, financial markets, investment banking, corporate finance, branch banking, business and transaction banking, and

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 12 2019. 09:22 IST