DHFL shares slip after CARE Ratings’ downgrade

Credit Analysis and Research ratings (CARE Ratings) on Thursday downgraded long-term rating of Dewan Housing Finance Corporations Limited (DHFL) debts worth Rs1.13 lakh crore, viewing that the financing company has made limited progress on sell down of builder book and inflows from securitization deals.

As per CARE ratings, DHFL’s NCDs fixed deposit programme and long term bank facilities received  rating AA- from its previous AA+ rating. As of 6-March 2019, the total debt of the company stands at Rs1,13,623.92-crore.

On Thursday, DHFL stocks were seen volatile on rating impact.  The Stock hit an intraday low at Rs114.50 by 4.9% fall and is currently (at 11.15am) trade at Rs.114.50 per share down by Rs4.25 or 2.86percent on the NSE, meantime benchmark Nifty at 11045-level down 7pts and Sensex at 36665-mark, up 29pts.