India's Fallen Angel Yes Bank Suffers Share, Bond Price Plunge
- Moody’s cut Yes Bank rating Tuesday on governance concerns
- Bank is in midst of management transition amid resignations
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Indian lender Yes Bank Ltd. tumbled by a record in the dollar bond market and suffered another share price plunge after Moody’s Investors Service cut its credit rating to junk, making the lender a so-called fallen angel.
Losing an investment-grade score is rare among Indian private-sector banks. The lender is now the only junk-rated one among four such lenders -- HDFC Bank Ltd., Axis Bank Ltd., and ICICI Bank Ltd. -- tracked by Moody’s.