CRISIL downgraded rating on NCDs of Rs3,500cr of erstwhile Vodafone Mobile services

CRISIL has downgraded its rating on Non-Convertible Debentures of Rs3,500cr of erstwhile Vodafone Mobile Services Limited (since merged with the Company), as per the rating rationale uploaded on its website yesterday.

Feb 20, 2020 12:02 IST India Infoline News Service

Vodafone Idea Limited
Vodafone Idea Ltd said in a press note that CRISIL has downgraded its rating on Non-Convertible Debentures of Rs3,500cr of erstwhile Vodafone Mobile Services Limited (since merged with the Company), as per the rating rationale uploaded on its website yesterday.

As per the rating rationale published on the website, the downgrade is in view of lower likelihood of any relief from Government of India after the Supreme Court on February 14, 2020, did not grant any relief in respect to the modification request filed by the Telcom companies (telcos), including VIL and also has directed the telcos to make the payment before the next hearing on March 17, 2020, the company added.

Stock view:
Vodafone Idea Ltd is currently trading at Rs4.58, up by Rs0.39 or 9.31% from its previous closing of Rs4.19 on the BSE.

The scrip opened at Rs4.44 and has touched a high and low of Rs4.98 and Rs4.23 respectively.

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