- Sharad Pawar Appoints Supriya Sule and Ajit Pawar as NCP working presidents
- 10.27 kg gold seized in Nellore and Hyderabad districts, one arrested
- Hyderabad: KTR stresses on Reduce, Recycle, Reuse mantra
- National children’s day, history, significance and quotes
- Hyderabad boy loses Rs 36 lakh on mobile games
- WTC Final: Rahane can prolong his Test career by couple of years after gutsy knock, feels Ponting
- KGF distributors KRG Studios gets rights to Adipurush in Karnataka
- TDP leaders were stopped from going to the Polavaram project and arrested
- 9 killed in Mogadishu hotel attack
- Microsoft launches voice chat feature to AI-powered Bing Chat
Dewan Housing shares fall sharply after ICRA downgrade
Dewan Housing Finance Corp Ltds shares fell over 8 per cent on Tuesday, a day after ratings agency ICRA cut its rating on the housing finance companys commercial papers
ICRA downgraded its rating on Dewan Housing’s 80 billion rupees.
Dewan Housing Finance Corp Ltd’s shares fell over 8 per cent on Tuesday, a day after ratings agency ICRA cut its rating on the housing finance company’s commercial papers.
ICRA downgraded its rating on Dewan Housing’s 80 billion rupees (USD 1.12 billion) worth commercial papers to “A2 plus” from “A1 plus”, citing the company’s ability to raise funds and generate new business.
The papers remain on watch with negative implications, ICRA added.
Dewan Housing, which has faced a beating this year amid allegations of mismanagement, said here the rating action was "uncalled-for" and not based on merit.
Investigative media outlet Cobrapost had alleged last month that loans from Indian state-run lenders were diverted by Dewan Housing to shell companies, including those linked to its controlling shareholders. Dewan has, however, denied lending to shell companies.
Dewan Housing’s shares fell as much as 8.3 percent to 125.45 rupees on Tuesday, in their biggest intraday percentage drop since Feb. 8, and were down 7.2 per cent at 0429 GMT in a broader Mumbai market that was trading 1.3 percent lower.
The stock had lost 45 per cent of its value this year as of last close, after shedding 57 per cent in 2018.