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Yes Bank Shares Gain 9% of Selling Stake to Paytm

On Wednesday, Yes Bank’s share gained as 8.66% to Rs 68.50 on BSE report of promoters mulling sale of part of their holding in the lender to One97 Communications Ltd— parent of Paytm and Paytm Payments Bank.
In last year August, the Reserve Bank of India said Rana Kapoor’s term as the bank’s CEO will not be renewed after January 2019. The stock has lost 82.6% of its market value to date since 20 August. The benchmark Sensex lost 2.64%, and the banking index, Bankex, lost 2.61% during the period.
Moody’s Investors Service downgraded Yes Bank’s foreign currency issuer rating to Ba3 from Ba1, long-term foreign and local currency bank deposit ratings to Ba3 from Ba1, foreign currency senior unsecured MTN (medium-term notes) programme rating to (P)Ba3 from (P)Ba1, and Baseline Credit Assessment (BCA) and adjusted BCA to b1 from ba2.
In addition, Rs 7,500 crore(approx) of bond investments or 10% of its total investment holdings have experienced rating downgrades in the past quarters.
In August, the lender raised around $270 million in a qualified institutional placement, and it plans to raise $600 million more from large investors, according to media.
Read EquityPandit’s Nifty Bank Outlook for the Week

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