Yes Bank shares drop 5.30 pct after ICRA downgrades its ratings

Shares of Yes Bank Monday dropped by over 5 per cent, wiping out Rs 2,135.29 crore from its market valuation after ratings downgrade. The scrip tumbled 5.30 per cent to close at Rs 166.30 on the BSE. During the day, it tanked 5.75 per cent to Rs 165.50. It was the worst hit among the 30-front-line shares. On the NSE, shares dropped 5 per cent to close at Rs 167. In terms of volume, 43.12 lakh shares of the company were traded on the BSE during the day, while over 4 crore units changed hands on the NSE.

The company's market valuation fell by Rs 2,135.29 crore to Rs 38,515.71 crore on the BSE. The private sector lender had a double whammy Saturday after the domestic rating agency ICRA downgraded its long-term ratings along with a negative outlook, citing a spike in its lower-rated advances and falling core capital buffers. The agency downgraded ratings on instruments totalling borrowings over Rs 33,000 crore by the lender, ICRA said. The bank had also reported its maiden loss of over Rs 1,506 crore in the March quarter, driven by a near ten-fold spike in provisions.

(With inputs from agencies.)