Mumbai: : Shares of Yes Bank dropped by 14.41 per cent on Wednesday afternoon even as ICRA upgraded its commercial papers and placed them on rating watch with developing implications.
ICRA said the ratings upgrade factors in removal of the moratorium from March 18 which was earlier imposed on Yes Bank Ltd (YBL) by the Central government, thereby restricting payments to its depositors and creditors.
The government has also approved the reconstruction scheme for the bank, based on which YBL has received equity of Rs 10,000 crore from State Bank of India (SBI) which is now holding 48.2 per cent stake and other domestic financial institutions.
Apart from the equity infusion, YBL’s board has also been reconstituted with a new Managing Director and CEO from SBI.
