Vodafone Idea shares fall after CRISIL downgrades rating of NCDs worth ₹6,000 crore
CRISIL downgraded the rating on NCDs of ₹6,000 crore and reaffirmed its rating on commercial paper of ₹2000 crore of erstwhile Vodafone Mobile Services
New Delhi: Vodafone Idea said Thursday that CRISIL has downgraded the rating on non-convertible debentures of ₹ 6,000 crore and has re-affirmed its rating on commercial paper of ₹ 2000 crore of erstwhile Vodafone Mobile Services. Vodafone Idea shares fell as much as 2.11% to ₹ 36.95 per share in the opening trade. At 9.20am, the stock traded 1.72% lower at ₹ 37.10 per share.
“CRISIL vide its communication uploaded on its website today, has downgraded its rating on non-convertible debentures of ₹ 6,000 crore and has re-affirmed its rating on CP Programme of ₹ 2,000 crore of erstwhile Vodafone Mobile Services Limited (VMSL), which has since been migrated to Vodafone Idea Limited (the Company) pursuant to amalgamation of VMSL with the Company," a BSE filing said.
According to statement, the rating of Non-Convertible Debentures has been downgraded to CRISIL A+ (Negative Outlook) from existing CRISIL AA- (Negative Outlook). The rating for commercial paper programme has been re-affirmed at CRISIL A1+.
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