Yes Bank rallies 11%, hits fresh 52-week high on rating upgrade
Yes Bank rallied as much as 11 per cent during the early trade on Thursday, hitting a new 52-week high after Care Ratings upgraded the lender's credit rating.
Care Ratings has revised the ratings for its infrastructure bonds worth Rs 5,000 crore a notch to 'BBB+' with a positive outlook, from 'BBB' with the same outlook earlier.
Its Lower Tier II Bonds and Tier II Bonds (Base III) too have received a similar upgrade from the agency, the lender said in a regulatory filing on BSE. The rating for Upper Tier II bonds has been revised to 'BB+' with a positive outlook.
Shares of Yes Bank rallied about 11 per cent to Rs 16.25, its new 52-week high on Thursday. The scrip had settled at Rs 14.69 on Wednesday.