Shares of Reliance Capital
declined 9% on Monday despite the company stated that Credit Rating action by Brickwork Ratings is completely unjustified and inappropriate.
The Brickwork Ratings (Brickwork) has revised rating to A+ (credit watch with negative implications) for long-term debt program, market linked debentures and subordinated debt of the Company. Brickwork has stated this action is primarily due to extension of timeline for progress of planned disinvestments in various companies.
"The company considers the above rating action completely unjustified and inappropriate. There has not been any adverse change in the Company's operational parameters from the time of the last rating action, just 8 weeks ago," the company said in a press note to the exchanges on Friday.
The company has been working diligently to ensure timely debt repayments and the company's asset monetization plan is on track, the company added.
Reliance Capital Ltd's share price is currently at Rs138.95, down by Rs12.8 or 8.43%, from its previous close of Rs151.75 on the BSE.
The scrip opened at Rs148 and has touched a high and low of Rs148 and Rs131.60, respectively. So far, 2,68,98,961 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs3,834.86cr.