Yes Bank shares tank 9.5% in intra-day on Icra downgrade; trim losses later

Shares of Yes Bank tumbled 9.5 per cent in intra-day trade Thursday after Icra downgraded the company's long-term ratings.

The stock, however, managed to restrict the fall later, trimming most of its sharp early losses and ended at Rs 160.45, down 0.77 per cent on BSE. Intra-day, it slumped 9 per cent to Rs 147 -- its 52-week low.

At NSE, shares of the company dropped 9.46 per cent to Rs 146.75 -- its one year low during the trade. It, however, settled 1 per cent lower at Rs 160.45.

After Moody's downgraded it citing poor corporate governance, its domestic arm Icra Wednesday followed suit, downgrading Yes Bank's long-term ratings.

 

"The rating downgrade considers the series of resignations from the board of directors, which raises concerns on corporate governance at the bank," Icra said in a note Wednesday.

Shares of Yes Bank had slumped nearly 12 per cent Wednesday also after Moody's Investors Service downgraded the company's ratings to non-investment grade and changed outlook to negative from stable.