YES Bank hits fresh 32-month low; tanks 33% in two weeks

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of continued to remain under pressure, hitting a fresh 32-month low of Rs 152 per share, down 6% on the in an otherwise firm market, after rating agencies downgraded the private bank’s rating.

The stock of private sector lender tanked 19% in the past three days after Moody’s downgraded the bank’s instruments and changed its outlook from stable to negative on Tuesday. Rating agency Icra, too, on Wednesday downgraded the bank’s rating.

of have plunged 33% in the past two weeks following the resignations of various members of the bank's board of directors. In comparison, the S&P Sensex was up 2.3% during the same period. The stock was trading at its lowest level since March 9, 2016.

said a series of resignations at raised concerns about the lender’s corporate governance. It has placed the long-term rating for YES Bank on watch. It has also downgraded YES Bank’s basel III additional tier-I bonds from AA to AA-.

“The rating action considers the resignation of various members of the bank's Board of Directors — which, when seen in conjunction with the Reserve Bank of India's (RBI) directive in September 2018 to restrict the term of the bank's managing director & CEO as well as founder, Rana Kapoor, till 31 January, 2019 — have raised Moody's concerns over corporate governance,” the rating agency said in a statement.

The negative outlook takes into account the uncertainty relating to the bank's asset quality and profitability performance and in particular any adverse findings from the RBI's risk-based supervision report or the so-called divergence report. In addition, any negative developments in the bank's funding and liquidity profile or ability to raise new capital to a level comparable with other similarly rated peers in India will exert pressure on its BCA, adjusted BCA and ratings, it added.

of YES Bank have plunged 62% from their all-time high level of Rs 404 per share touched on August 8, 2018, on the in intra-day trade. Investors in Yes Bank have lost Rs 557 billion during the period. The market capitalisation of the bank declined from Rs 908 billion to Rs 351 billion today.

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