The latest candidate in the rating downgrade cycle — PNB Housing — saw its stock price fall over 8 per cent. Not just that, it took a whole bunch of its peers down, with stocks of non-banking financial companies (NBFC) — Indiabulls Housing, Dewan Housing, L&T Finance, Shriram Transport, M&M Finance and Repco Home Finance — falling 3-8 per cent.
While liquidity concerns felt by Reliance Capital’s home and commercial finance businesses also impacted sentiment, analysts view PNB Housing’s rating downgrade as a larger concern. Earlier, despite its ...
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