Shares of ratings agencies up on Moody's stake buy in Icra

Shares of Indian rating agencies surged after Moody's said in a statement that it has raised its stake in Icra to 50.06 per cent after an open offer.

Dealers on Friday said Moody's acquisition has sparked hopes of foreign investor interest in other local rating agencies too.

While shares of Icra jumped 13.1 per cent after marking record high at Rs 2,780, Credit Analysis and Research surged 3.7 per cent. It had earlier touched a record high of Rs 1,102.

Shares of Crisil gained 0.5 per cent.

(Reuters)