BUZZ — India's Yes Bank slumps after Supreme Court ruling on AT1 bonds

* Shares of India's Yes Bank fall 10% to 19.08 rupees * Stock drops after Supreme Court upholds Bombay High Court ruling quashing write-off of 84 billion rupees ($884.47 million)worth of company's additional tier-1 (AT1) bonds * Supreme Court holds write-off of AT1 bonds by Yes Bank's administrator illegal and arbitrary as it violated government's final reconstruction scheme, according to lawyer representing the bondholders * Bonds were written down to zero during RBI-led rescue of Yes Bank in March 2020, wiping out bondholders' investments and prompting legal challenges * The Bombay High Court quashed write-off in 2023 * YESB stock rated "sell" on average by 13 analysts, median PT at 22 rupees, according to data compiled by LSEG * Stock down 10.56%, YTD ($1 = 94.9725 Indian rupees) (Reporting by Surbhi Misra in Bengaluru) ((Surbhi.Misra@thomsonreuters.com | X: |;)