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Dewan Housing Finance Corp Ltd's (DHFL) shares fell over eight 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 Rs 80 billion ($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's shares fell as much as 8.3 per cent to Rs 125.45 on Tuesday, in their biggest intraday percentage drop since February 8, and were down 7.2 per cent in a broader Mumbai market that was trading 1.3 per cent lower.
The stock had lost 45 per cent of its value this year as of last close, after shedding 57 per cent in 2018.
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