YES Bank share price rises over 73% after Moody's upgrades ratings; changes outlook to positive

YES Bank share price extended gains for the second straight session in early trade today after Moody's Investors Services upgraded the lender's long-term foreign currency issuer and  foreign currency senior unsecured MTN program ratings to 'Caa1' from 'Caa3' and (P) Caa1 from (P) Caa3, respectively.

Share price of YES Bank rose over 73%  to Rs 64.15 compared to the previous close of Rs 37.10 today. YES Bank share opened with a gain of 10% at Rs 40.80 today. YES Bank market capitalisation rose to Rs 14,843 crore on BSE.

YES Bank stock has lost 80.37% in the last one year and gained 2.45% since the beginning of this year.  The bailout of the bank's depositors and senior creditors under the reconstruction scheme has led Moody's to assign positive rating to the lender.

Moody's has also changed the rating outlook to positive to reflect its expectation that bank's financial fundamentals can improve due to the extraordinary support provided by the government and SBI.

Moody's has also changed outlook for the bank after the lender said that it would resume full banking operations from 6:00 pm on March 18. YES Bank customers will be able to access all banking services from March 19 onward.

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