YES Bank dips 6% to hit 40-month low as global brokerage downgrades stock

Global rating agency Moody's on Tuesday placed YES Bank's foreign currency issuer rating of Ba1 under review for downgrade.

Shares of YES Bank hit a 40-month low of Rs 126, down 6 per cent on the BSE in the early morning trade on Thursday after reports said global brokerage firm UBS has cut the target price of private sector lender to Rs 90 from Rs 170.

The stock was trading at its lowest level since January 20, 2016, when it touched Rs 126.44 in the intra-day trade. The counter witnessed huge trading volumes with a combined 21 million shares changing hands on the NSE and BSE till 09:30 am.

The foreign brokerage firm maintains ‘sell’ rating on the stock