YES Bank declines on rating downgrade by India Ratings; rebounds later

Shares of YES Bank moved higher by 7.4 per cent to Rs 50.20, bouncing back nearly 12 per cent from its intra-day low of Rs 45, on the BSE on Thursday on the back of heavy volumes.

A combined 188 million equity shares have changed hands on the NSE and BSE till 02:30 pm. In comparison, the S&P BSE Sensex was up 0.31 per cent at 41,686 levels.

The stock of the private sector lender slipped 3.7 per cent to Rs 45 after rating agency India Ratings and Research (Ind-Ra) downgraded its long-term issuer rating to ‘IND A’ from ‘IND A+’ and