ADAG stocks trade lower; Reliance Power slumps 19%

ADAG stocks fell on Tuesday after rating agencies downgraded ratings for Reliance Capital (RCap) and its subsidiaries with negative implications.

Apr 30, 2019 08:04 IST India Infoline News Service

Stocks of the Anil Dhirubhai Ambani Group (ADAG) declined in the afternoon trade on the BSE on Tuesday after rating agencies downgraded ratings for Reliance Capital (RCap) and its subsidiaries with negative implications.

“The rating revision takes into account the delays in servicing of bank facilities by the company. The liquidity profile of the group continues to be under stress on account of delay in raising funds from the asset monetization plan and impending debt payments,” CARE Ratings said in the press note on April 26, 2019.

Also, ICRA has downgraded commercial paper issued by Reliance Capital.

Meanwhile, shares of Reliance Power extended declines for the second consecutive trading session. About 80 lakh shares changed hands in five block deals on the NSE.

RInfra, Reliance Home Finance, Reliance Capital, Reliance Nippon, and Reliance Naval fell in the range of 5-10% respectively.

Meanwhile, the Sensex was down 198 points at 38,869, while the Nifty slipped 63 points at 11,692.

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