Yes Bank dips 13 per cent post AGM
Thursday was a very stormy day for the stock of Yes Bank as well as the markets in general. The market saw a choppy trading session wherein the benchmark BSE Sensex dipped down close to 300 points, but recovered to end the day down by only 15 points.
Post the Annual General Meeting (AGM) of Yes Bank on Wednesday, there was buzz in the market that the now out estranged and controversial CEO Rana Kapoor has demanded a seat on the bank's board, following a news report claiming the same. However, the bank clarified to the exchange that it wasn't aware of any such matter.
This was followed ratings agency Moody's Service placing Yes Bank’s foreign currency issuer rating of Ba1 under review for a downgrade. Also, a major international brokerage sharply downgraded the stock to sell alongwith IndusInd Bank stating increased risk from bad loans and moderate loan growth in FY20.
Reacting to these developments, the stock of Yes Bank was trailing throughout the day and closed down by 12.96 per cent at Rs. 117.20 per share, while IndusInd closed at Rs. 1,490, down by 4.96 per cent on BSE.