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Last Updated : Nov 07, 2019 12:22 PM IST | Source: Moneycontrol.com

Yes Bank share price dips 4% after Moody's places rating under review for downgrade

Ace Rakesh Jhunjhunwala bought 1.29 crore shares in private lender on November 4 through open market transactions.

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Share prices of Yes Bank declined 4 percent intraday on November 7 after Moody's had placed bank's ratings under review for downgrade.

Global ratings agency Moody's on November 6 placed private sector lender Yes Bank's ratings under review for downgrade.

The Ba3 rating of the bank can be downgraded because of the weak September quarter earnings and the bank managing to get only a commitment for $1.2 billion in funding recently.

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Moody's also sees the bank's total dud asset to top 12 percent in 2019 basing on the bank's own assessment of over 40 percent of its Rs 30,000 crore of exposure to lower-rated entities turning sour before March.

Ace Rakesh Jhunjhunwala bought 1.29 crore shares in private lender on November 4 through open market transactions.

According to the bulk deal data available with the BSE, Rakesh Jhunjhunwala bought 12,950,000 shares of the private lender, which translated to around 0.5 percent stake in the bank.

At 12:00 hrs, Yes Bank was quoting at Rs 67.65, down Rs 1.10, or 1.60 percent, on the BSE.

(With inputs from PTI)

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First Published on Nov 7, 2019 12:22 pm
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