YES Bank is now the 10th most valued bank from seventh earlier, slipping below market valuation of state-run lenders - Bank of Baroda and Punjab National Bank. Data from BSE showed that Bank of Baroda (BoB) and Punjab National Bank (PNB) have a market capitalization of Rs.40348.20 crore each. Shares of YES Bank were down 3% at Rs.171.15 at 10am on Monday as rating agency ICRA downgraded its long-term ratings on the bank along with a negative outlook. ICRA downgraded Yes Bank’s Tier 2, lower Tier 2, infrastructure bonds to AA- from AA, and cut upper Tier 2, Tier 1 notes to A+ from AA-, citing an increase in its lower-rated advances. Last week, YES Bank reported a net loss of ₹1,500 crore for Jan-Mar, led by elevated credit cost and a steep decline in non-interest income.

Source: Mint May 06, 2019 05:03 UTC