Yes Bank shares drop nearly 2 percent

Shares of Yes Bank closed the day nearly 2 percent lower on Friday after Moody's Investors Service placed the company's long-term foreign-currency issuer rating of B2 under review, with the direction uncertain. The scrip dropped 1.75 percent to close at Rs 39.25 on the. During the day, it plunged 6.88 percent to Rs 37.20.

On the NSE, it dipped 1.62 percent to close at Rs 39.30. Moody's Investors Service has placed Yes Bank's long-term foreign-currency issuer rating of B2 under review, with the direction uncertain, citing "slowness in raising new capital".

"The placing of Yes Bank's deposit rating of B2 under review reflects Moody's expectation that the bank's standalone viability is getting increasingly challenged by its slowness in raising new capital," the US-based agency has said in a statement. Moody's said it has also placed the bank's long-term foreign and local currency bank deposit ratings of B2, and "its foreign currency senior unsecured MTN program rating of (P) B2, under review, with the direction uncertain.