Shares of Yes Bank fell after India Ratings downgraded its long-term rating to "A" from "A+".
India Ratings and Research (Ind-Ra) has downgraded Yes Bank’s long-term issuer rating to ‘IND A’ from ‘IND A+’ and its short-term issuer rating to ‘IND A1’ from ‘IND A1+’.
"The downgrade reflects the inadequate progress as per Ind-Ra's expectations with respect to the quantum and pace of equity infusions, which is critical for providing sufficient cushion for the credit cost impact of the stressed asset pool," India Ratings and Research said.
Yes Bank Ltd is currently trading at Rs45.75, down by Rs1 or 2.14% from its previous closing of Rs46.75 on the BSE.
India Ratings and Research (Ind-Ra) has downgraded Yes Bank’s long-term issuer rating to ‘IND A’ from ‘IND A+’ and its short-term issuer rating to ‘IND A1’ from ‘IND A1+’.
"The downgrade reflects the inadequate progress as per Ind-Ra's expectations with respect to the quantum and pace of equity infusions, which is critical for providing sufficient cushion for the credit cost impact of the stressed asset pool," India Ratings and Research said.
Yes Bank Ltd is currently trading at Rs45.75, down by Rs1 or 2.14% from its previous closing of Rs46.75 on the BSE.
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