November 27, 2018 / 10:00 AM / 6 months ago

BUZZ-India's Yes Bank shares fall; Moody's cuts rating

** Shares of Yes Bank Ltd drop as much as 4.02 pct to 180.35 rupees, lowest since Oct. 31

** Ratings agency Moody’s downgraded the bank’s foreign currency issuer rating to ‘Ba1’ from ‘Baa3’ and changed its outlook on the bank to ‘negative’ from ‘stable’

** The rating action considers the resignation of various members of the board, which have raised concerns over corporate governance, Moody’s said in a statement on Tuesday

** The developments are credit negative because “they complicate management’s effective implementation of the bank’s long-term strategy” - Moody’s

** Management changes and governance issues could constrain the bank’s ability to raise new capital, Moody’s writes

** Moody’s affirms the bank’s counterparty risk assessment and domestic and foreign currency counterparty risk rating

** Over 68 mln shares traded, compared with their 30-day moving avg of 46.6 mln

** The lender has had a tumultuous couple of months since the country’s central bank trimmed extension to its chief executive officer’s term in September

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