Moody's downgrades Indiabulls Housing Finance's long-term rating; shares fall over 9%
Updated : August 16, 2019 10:59 AM IST
Indiabulls Housing Finance shares were down over 8 percent after Moody’s downgraded the company’s long term corporate family rating to Ba2 from Ba1.
The credit rating agency also changed the outlook to negative from stable and added that it does not expect the rating to go up over the next 12-18 months.
Intraday, the stock price slumped 8.63 percent to its day’s low at Rs 503.75 as against the benchmark index BSE Sensex which fell 242.45 or 0.65 percent to 37,069.08.