** 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
