CARE reaffirms credit rating of Network 18's bank facilities worth Rs1,000 crore; stock tumbles ~6%

26 May 2022 , 10:46 AM

Network 18 Media & Investments Limited has informed that CARE Ratings Limited, the Credit Rating Agency, has reaffirmed the credit rating of the company’s bank facilities.

The rating agency has reaffirmed ‘CARE AAA’ rating for the company’s long-term facilities. It has given a ‘Stable’ outlook for the same.

CARE has reaffirmed the short-term ratings at ‘CARE A1+’.

Total bank facilities reviewed by the company are worth Rs1,000 crore which has been enhanced from the existing Rs750 crore.

Network 18 Media’s stock was trading 6.23% lower at Rs70 as compared to the previous close of Rs74.65 on NSE. It opened at Rs74.65 and touched intraday high and low of Rs75 and Rs68.55 respectively so far.