Yes Bank hits 5% upper circuit for third consecutive day

The Yes Bank shares were locked in a 5 percent upper circuit for the third consecutive day. The share price was at Rs 14.15 on the National Stock Exchange. The upper circuit imposed due to pending ‘buy’ orders of 1,17,46,781 shares, with no sellers available. The two major positives led to the jump in the share price for the bank.

A rating agency CARE Ratings upgraded the ratings, it also revised its outlook to ‘Stable’ from the previous “Under Credit watch with Developing Implications,” assigned to the bank’s debt instruments. Over 88 million shares had changed hands and there were pending buy orders for around 47 million shares on the NSE and BSE, exchanges’ data show till 02:48 PM on Tuesday. 

“The revision in the ratings assigned to the debt instruments of YES Bank factors in the improvement in the credit profile of the bank post the implementation of the reconstruction scheme announced by the Reserve Bank of India (RBI) and approved by Government of India (GOI) from March 2020,” CARE Ratings said in its rationale.

CARE is one of the leading full-service rating agencies that offer a wide range of rating and grading services across sectors.

On the other hand World’s largest index compiler having assets of $15 trillion, MSCI Inc has included Yes Bank into its standard index.

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