Oberoi Realty shares surge over 5% despite negative credit ratings

CARE revised it's Oberoi Realty rating on various instruments from stable to negative due to Covid-19 impacts over the company.

Apr 27, 2020 12:04 IST India Infoline News Service

The share price of Oberoi Realty defied the announcement of credit rating revision where CARE Ratings has revised it from stable to negative. The company's shares were trading at Rs330.50 per piece up by 4.95% on Sensex at around 12.16 pm.

Overall gain was near 6% as Oberoi Realty shares did touch an intraday high of Rs341.80 per piece in early hours. The stock has also corrected to intraday low of Rs325.40 per piece.

The stock opened at Rs331.95 per piece higher from previous closing of Rs314.90 per piece.

CARE revised Oberoi Realty's rating on various instruments from stable to negative due to Covid-19 impact over the company.

The rating agency stated that the revision in outlook reflects expected moderation in the credit risk profile of entities involved in the real estate development owing to the ongoing lockdown in the country implemented by the central government towards containment of COVID-19.

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