Barclays cuts PFC rating, debt bailout impact limited

Downgrades it to 'underweight' from 'neutral'

Barclays Capital cut India's Power Finance Corp to 'underweight' from 'neutral', saying the state-run lender for power projects would see only a limited impact from the government bailout of state-owned electricity distributors (discom).

Barclays Capital adds Power Finance has limited discom exposure, and cites concerns about the recent run-up in its share prices.

Barcap maintains its target price on Power Finance at Rs 155.

Shares of the power lender were down 2.9% at 10.40 a.m.