DHFL stock slips after Brickwork Ratings cuts credit rating

Brickwork Ratings has downgraded various debt instruments by one notch citing de-growth in business on account of inability to raise funds.

Mar 11, 2019 10:03 IST India Infoline News Service

DHFL, Dewan Housing Finance
Shares of DHFL slipped 4% after Brickwork Ratings downgraded various debt instruments by one notch citing de-growth in business on account of inability to raise funds.

“NCDs worth Rs41,000cr downgraded to BWR AA from BWR AA+. Subordinated debt worth Rs2,250cr downgraded to BWR AA from BWR AA+,” as per filing.

Meanwhile, Care Ratings has also revised DHFL's long-term ratings, placing most of them on ‘credit watch’ with developing implications.

Also on February, ICRA cut its rating on commercial papers of the HFC.

Dewan Housing Finance Corporation Ltd is currently trading at Rs134.75 down by Rs5 or 3.58% from its previous closing of Rs139.75 on the BSE. The scrip opened at Rs139 and has touched a high and low of Rs140 and Rs133.60 respectively.

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