Bangalore: Shares of Yes Bank Ltd plunged to their lowest in over two years on Thursday after credit rating agencies ICRA Ltd and CARE Ratings Ltd downgraded the lender’s debt instruments. India’s fifth largest private-sector lender by assets has had a tumultuous couple of months, with its stock nearly halving in value this year and a number of departures from its board, since the Reserve Bank of India (RBI) cut short chief executive officer Rana Kapoor’s term in September.

Yes Bank shares fell as much as 9% to 147.00 in early trade. The stock, however, closed only 0.77% down at 160.45 on the BSE on a day the benchmark Sensex rose 1.27% to 36,170.41 points—a two-month high.

ICRA downgraded domestic long-term ratings of the bank’s senior debt instruments to ‘ICRA AA’ from ‘ICRA AA+’ and its subordinate debt instruments to ‘ICRA AA-’ from ‘ICRA AA’, the bank said late on Wednesday.

Meanwhile, CARE Ratings cut domestic ratings of Yes Bank’s senior debt instruments to ‘CARE AA+’ from ‘CARE AAA’ and subordinate debt instruments to ‘CARE AA’ from ‘CARE AA+’.

Earlier this week, rating agency Moody’s also downgraded the bank’s foreign currency issuer rating and changed its outlook on the bank to “negative’ from ‘stable", sending its shares lower.

ICRA said Yes Bank’s ratings remain on watch with negative implications, while CARE said ratings remain on credit watch with developing implications.

As of last close, Yes Bank shares have fallen 48.6% this year.

This story has been published from a wire agency feed without modifications to the text.