YES bank share price falls over 17pc.
YES Bank share price plunged to a fresh 52-week low after CARE Ratings downgraded ratings of non-convertible debentures (NCDs) of Rana Kapoor-owned Morgan Credits Private Limited, which is also a promoter entity of the private sector lender. YES Bank share price lost 17percent intra day to Rs 53.05 compared to the previous close of Rs 64.10 on BSE. YES Bank stock has been losing for the last 4 days and fallen 19.24percent during the period.
YES Bank is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock was the top loser on both Sensex and Nifty. On Nifty, the stock fell 17.31percent to Rs 53. The stock closed 15.52percent lower at Rs 54.15 on BSE and 15.76percent lower at Rs 54 on BSE.
CARE Ratings has lowered the rating of non-convertible debentures (NCDs) issued by the lender worth Rs 800 crore to BBB- from A-.
CARE said the revision in rating takes into account the fall in the stock price of the underlying shares of YES Bank which are held by Morgan Credit Private Limited (MCPL) or promoters and their relatives. The revised rating considers the moderation in cover due to fall in the stock price of the underlying shares of YES Bank, it added.
Also read: YES Bank close to secure a deal to sell minority stake to global tech firm: Ravneet Gill
"The rating is based on the internal credit enhancement in the form of pledge of unencumbered listed shares of YES Bank held by MCPL or its promoters and their relatives...
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