Yes Bank share price rallies for third consecutive day, surges 74% on Moody’s ratings upgrade

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Updated: Mar 17, 2020 11:11 AM

Yes Bank share price was trading at Rs 64.70 apiece on BSE, up 66.31 per cent. The private lender’s share price has risen 1,069 per cent from its 52-week low of Rs 5.55 touched in the intraday trade on March 6, 2020.

Yes BankYes Bank shares have surged 154 per cent from Rs 25.55 on Friday, after the Union Cabinet approved the reconstruction scheme proposed by RBI

Yes Bank share price jumped 74 per cent to Rs 64.90 apiece on BSE in Tuesday’s session after the rating agency Moody’s upgraded the private lender’s ratings with a positive outlook. Along with this, the cash-starved Yes Bank said that it has approved reconstitution of its board with Prashant Kumar as new MD and CEO. “Moody’s has confirmed the bank’s long-term foreign and local currency bank deposit ratings at Caa1. Moody’s has also confirmed the bank’s long-term domestic and foreign currency Counter party Risk Rating (CRR) and long-term Counter party Risk Assessment (CR Assessment) at Caa1 and Caa1(cr) respectively,” Moody’s said in a note. The rating agency has also changed its credit outlook to positive from negative.

Around 11 AM, Yes Bank share price was trading at Rs 64.70 apiece on BSE, up 66.31 per cent. The private lender’s share price has risen 1,069 per cent from its 52-week low of Rs 5.55 touched in the intraday trade on March 6, 2020 when the 30-day moratorium was placed on the bank by RBI with a withdrawal limit of Rs 50,000 on the deposits. Yes Bank shares have surged 154 per cent from Rs 25.55 on Friday, after the Union Cabinet approved the reconstruction scheme proposed by Reserve Bank of India (RBI).

The moratorium on Yes Bank will be lifted by 6 PM on March 18, 2020 which is much before the original date of April 3. The private lender also informed that full banking services will be resumed. This announcement was in tandem with the Yes bank reconstruction Scheme, 2020, approved by the Union Cabinet last week.

Earlier on Saturday, Yes Bank posted a record Rs 18,500 crore loss in the December quarter. It has lost over Rs 40,000 crore worth deposits since end of September 2019. As on December 31, Yes Bank had Rs 40,709 worth bad loans on its books.

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