ICRA downgrades credit rating on bank lines and commercial paper of Wheels India; Stock gains ~2%

16 Feb 2022 , 11:00 AM

ICRA has downgraded its long-term rating for bank lines of Wheels India Limited to ‘ICRA A-‘, from ‘ICRA A’ earlier while keeping the outlook stable.

The rating agency also downgraded its short-term rating for bank lines to ‘ICRA A2+’, from ‘ICRA A1’ earlier.

The credit rating agency has reaffirmed medium-term ratings on fixed deposits (Rs200 crore and Rs5 crore) at MA+ with outlook stable. For Commercial Paper Programme also rating has been downgraded to ‘ICRA A2+’ from ‘ICRA A1’ earlier.

At around 11.02 AM, Wheels India Ltd was trading at Rs653 per share up by Rs11.45 or 1.78% from its previous closing of Rs641.55 per share on the BSE.

The scrip opened at Rs647 and has touched a high and low of Rs653 and Rs647 respectively.