DHFL shares tumble 11% on rating downgrade

Shares of Dewan Housing Finance Corporation Limited (DHFL) Monday tumbled nearly 11 per cent following a rating downgrade.

The scrip plunged 10.91 per cent to close at Rs 140.05 on the BSE. During the day, it dropped 12 per cent to Rs 138.30.

On the NSE, shares cracked 10.85 per cent to close at Rs 140.05.

In terms of trading volume, 26.95 lakh shares were traded on the BSE and over two crore shares on the NSE during the day.

CRISIL has downgraded its rating on the commercial paper of Dewan Housing Finance Corporation Ltd to 'CRISIL A3+' from 'CRISIL A2+', the credit rating agency said in a report dated April 17, 2019.

The rating continues to be on 'rating watch with negative implications'.

The downgrade is driven by continued low visibility in raising funds and CRISIL's belief that liquidity levels will remain subdued vis-a-vis earlier expectations, it added.

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