YES Bank trades lower for fourth straight day, stock tumbles 6%

CARE Ratings downgraded ratings of non-convertible debentures (NCDs) of Morgan Credits, one of the promoter entities of the private sector lender.

Shares of YES Bank continued to reel under pressure, cracking up to 6 per cent to Rs 60 per share, on the BSE in the morning deals on Thursday, extending its 7 per cent fall in past three days after CARE Ratings downgraded ratings of non-convertible debentures (NCDs) of Morgan Credits Private Limited (MCPL), one of the promoter entities of the private sector lender. The stock hit a multi-year low of Rs 53 on August 22, 2019 in the intra-day trade.

MCPL, which holds 3.03 per cent stake in the private lender, was downgraded to ‘BBB-’ from ‘A-’ due