Shares of Dewan Housing Finance Corporation (DHFL)
plunged 10% on Monday after rating agency CRISIL downgraded credit rating of the company's commercial paper and continued on watch negative.
Crisil downgraded commercial papers worth Rs850cr from ‘A2+’ to ‘A3+’, with a rating watch of negative implications. The rating agency cited continued low visibility in raising funds as a reason for downgrading.
"Crisil believes that liquidity levels have remained subdued due to earlier expectations," the company said in a press note after markets hours to the exchanges on Thursday.
Dewan Housing Finance Corporation Ltd's share price is currently at Rs142.35, down by Rs14.85 or 9.45%, from its previous close of Rs157.20 on the BSE.
The scrip opened at Rs153.40 and has touched a high and low of Rs153.40 and Rs139.05, respectively. So far, 2,66,59,265 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs4,933.30cr.