How to find the date of previous day in shell script?

Hi Experts,

i am using the below code get the date of previous day.

#!/usr/bin/ksh

datestamp=`date '+%Y%m%d'`
yest=$((datestamp -1))
echo $yest

When i execute the code i am getting output as:

20130715

What i am trying here is, based on the date passed i am fetching previus day's date.

for example:

If date passed is date = 16/07/2013, i need date of previous day

15/07/2013 but now i am getting output as 20130715, how can i convert this to format 15/07/2013

Thanks in advance.