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ICRA downgrades Karvy Stock Broking's long-term bank lines to 'BB'

The rating is based on limited or no updated information on the entity's performance since the time it was last rated in March 2019.

Abhijit Lele 

Karvy

Rating agency has downgraded Karvy Stock Broking’s (KSBL) long-term bank lines from ‘BBB’ to ‘BB’ on the basis of a Securities and Exchange Board of India’s (Sebi) enforcement order.

The order is expected to impact the KSBL’s operations negatively which, in turn, would affect the debt repayment capacity of KSBL.

The rating is based on limited or no updated information on the entity’s performance since the time it was last rated in March 2019.

has been trying to seek information from the entity so as to monitor its performance. But, despite repeated requests by ICRA, the entity’s management has remained non-cooperative.

First Published: Thu, November 28 2019. 02:29 IST
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