ICRA cuts Karvy Broking's credit rating to 'non-cooperating category'

Rating agency says the investment arm of Karvy Group didn't heed its requests for information about the company's performance.

Rating agency ICRA has downgraded Karvy Stock Broking Ltd and Karvy Data Management Services ltd (KDML), citing insufficient information regarding the companies’ performance.

ICRA said the management hasn’t given information it sought, as it moved the companies to 'Non-Cooperating Category'.

The rating for Karvy Stock Broking’s long term loans has been cut from “A” to “BBB”. The current rated amount (loans plus commercial paper) of the company is Rs 550 crore.

Karvy Stock Broking, an arm of the Karvy Group, provides a combined account facility catering to investment opportunities such as equities, derivatives, currency, IPOs, mutual funds and NCDs.

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