Yes Bank fell 1.29% to Rs 88 at 9:17 IST on BSE after the bank's long term-ratings was downgraded by ICRA.
The announcement was made after market hours yesterday, 24 July 2019.
Meanwhile, S&P BSE Sensex was up 25.66 points or 0.07% at 37,873.31.
On BSE, 2.98 lakh shares were traded in Yes Bank counter, compared to a 2-week average of 105.57 lakh shares. The share price hit an intraday high of Rs 90.40 and an intraday low of Rs 87.75. It hit a 52-week high of Rs 404 on 20 August 2018 and a 52-week low of Rs 81.75 on 22 July 2019.
Shares of Yes Bank tanked 3.45% in three trading sessions to its current market price of Rs 88, from a recent closing high of Rs 91.15 on 22 July 2019.
Ratings agency ICRA on Wednesday downgraded Yes Bank's long-term ratings on various bonds, while retaining a negative outlook. The rating downgrade factors in the increase in stress, as reflected by the increase in BB and below rated exposures despite slippages from these exposures, as well as the lack of resolutions.
ICRA downgraded ratings on Yes Bank's Rs 32,911.7 crore bond programme, citing an increase in stressed assets and lack of debt resolutions. The rating on bonds aggregating Rs 22,111.70 crore were downgraded by one notch, while that on Rs 10,800 crore of additional tier I (AT-I) bonds were downgraded by two notches.
Yes Bank's consolidated net profit fell 92.4% to Rs 95.56 crore on a 9.7% increase in total income to Rs 9,105.78 crore in Q1 June 2019 over Q1 June 2018.
Yes Bank, an Indian private sector bank is a customer-centric and service driven bank.
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