Shares of Yes Bank surge 58 per cent post Moody's upgrade

Shares of Yes Bank were trading deep in green on Tuesday, continuing the momentum from the previous day after the rating agency-Moody's upgraded the private lender's outlook and RBI Governor provided assurance to the troubled bank.

Moody's Investors Service upgraded the bank's long-term foreign-currency issuer and foreign currency senior unsecured MTN programme ratings to Caa1 from Caa3 and (P) Caa1 from (P) Caa3 respectively, among other upgrades. According to Moody's, the upgrade of the bank's long-term issuer rating took into account the bailout of the bank's depositors and senior creditors under Yes Bank Reconstruction Scheme.

On Monday, RBI Governor Shaktikanta Das had said that RBI will support the crisis-hit Yes Bank with liquidity and assured depositors that their money will continue to remain safe. He further reaffirmed that RBI and GOI have taken swift action and the reconstruction of the private-lender is credible and sustainable.

Yes Bank Limited provides banking services and offers deposits, personal loans, e-banking and trade finance as well as corporate and business banking services.

On Tuesday, the stock closed at Rs 58.65, up by 58.09 per cent or Rs 21.55 per share. The 52-week high is recorded at Rs 285 and 52-week low is Rs 5.55 on BSE.