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Vodafone Idea stock falls after CRISIL downgrades ratings of debentures worth Rs 6,000 crore

The stock has lost 61.38% during the last one year and fallen 66.40% since the beginning of this year. The stock is trading below its 50 day and 200 day moving average of 39.18 and 49.26 on the BSE. 

twitter-logo BusinessToday.In        Last Updated: November 30, 2018  | 12:40 IST
Vodafone Idea stock falls after CRISIL downgrades ratings of debentures worth Rs 6,000 crore

The Vodafone Idea stock fell in trade today after CRISIL downgraded the rating on non-convertible debentures of Rs 6,000 crore. The midcap stock fell up to 4.64% to 36 level intra day on the BSE. It has been losing for the last six days and fallen 18.02% during the period.

The stock has lost 61.38% during the last one year and fallen 66.40% since the beginning of this year. The stock is trading below its 50 day and 200 day moving average of 39.18 and 49.26 on the BSE.

CRISIL has also re-affirmed its rating on commercial paper of Rs 2,000 crore of erstwhile Vodafone Mobile Services. The rating for commercial paper programme has been re-affirmed at CRISIL A1+.

"CRISIL vide its communication uploaded on its website today, has downgraded its rating on non-convertible debentures of Rs 6,000 crore and has re-affirmed its rating on CP Programme of Rs 2,000 crore of erstwhile Vodafone Mobile Services Limited (VMSL), which has since been migrated to Vodafone Idea Limited (the Company) pursuant to amalgamation of VMSL with the Company," a BSE filing said.

According to the statement, the rating of Non-Convertible Debentures has been downgraded to CRISIL A+ (Negative Outlook) from existing CRISIL AA-(Negative Outlook).

The firm reported a consolidated loss of  Rs 4,973 crore for the September quarter in its maiden financial results post merger.  The country's largest telecom operator with subscriber base  of 42.2 crore reported consolidated revenue  of Rs 7,663 crore for July-September 2018.  The merger of Vodafone India with Idea Cellular was completed on August 31, 2018.

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