Icra downgraded the ratings on six instruments totaling borrowings over Rs 33,000 crore by the lender, after it had last week reported a surge in BB and below-rated advances in the March Quarter to 7.1 per cent under a new chief executive Ranveer Gill.

The rating action comes after the agency placed the ratings under watch with negative implications last November, after the Reserve Bank refused to let YES Bank’s promoter-chief executive Rana Kapoor to continue beyond January 31, citing corporate governance and other concerns, which ultimately led to Gill’s appointment in March.

The bank had also reported its maiden loss of over Rs 1,506 crore in the March quarter, driven by a near ten-fold spike in provisions.

Since the earnings announcement, the bank’s shares had lost over 35 per cent of value, with a 30 per cent fall on the very next day of trade.