Shares of YES Bank Ltd fell as much as 10.43 per cent to Rs 120.7 rupees, their lowest since August 24, 2015.

The stock cut below a support at Rs 123.25, the 23.6 per cent Fibonacci projection level on the downtrend from its April 10 high to its May 17 low (wave 3).

The stock on Wednesday broke below a key support at Rs 136.12, the 14.6 per cent projection level, after Moody's placed the company's rating under review for downgrade.

A close below the 23.6 per cent projection level may lead to a further fall up to the next support at Rs 102.37, the 38.2 per cent projection level.

The wave pattern suggests the stock is in the final wave of a five-wave downtrend. The stock is down 42.9 per cent in the last three months until Thursday's close, while the broader NSE Index gained 5.4 per cent in the same period.