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Yes Bank shares drop 7.5 pc; m-cap falls Rs 1,223 cr after rating downgrade

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Press Trust of India New Delhi
Shares of Yes Bank tumbled 7.5 per cent on Wednesday after Moody's Investors Service downgraded the company's long-term foreign-currency issuer rating and kept the outlook at negative.
The scrip tanked 7.47 per cent to close at Rs 59.50 on the BSE. During the day, it dropped 9.72 per cent to Rs 58.05.
At the NSE, shares plunged 7.13 per cent to close at Rs 59.90.
The stock was the top loser among the front-line companies on both the key indices at close of trade.
The company's market valuation also eroded by Rs 1,223.66 crore to Rs 15,174.34 crore on the BSE.
In terms of traded volume, 1.48 crore shares were traded on the BSE during the day, while over 22 crore shares were traded on the NSE.
The long-term foreign currency issuer rating has been lowered to non-investment grade Ba3 from Ba1.
Moody's said the downgrade is on account of lower than expected amount of capital raised by the lender recently as well as the risk related to substantial decline in its share price.

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First Published: Aug 28 2019 | 5:00 PM IST

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