Home / Markets / News / Financials trade weak; Shriram Transport slips 18% on Fitch downgrade

Financials trade weak; Shriram Transport slips 18% on Fitch downgrade

Bajaj Finance, Bandhan Bank, HDFC, Manappuram Finance, Cholamandalam Financial and M&M Financial Services were down more than 10% on the BSE.

investment, investors, stocks, market, shares, shareholders, MF, savings

Premium

Fitch recently revised down India's GDP growth forecast for the fiscal year ending March 2021 (FY21) to 5.1 per cent

3 min read Last Updated : Mar 30 2020 | 4:16 PM IST

Shares of financials plunged up to 18 per cent on the BSE in the intra-day trade on Monday after the rating agency Fitch downgraded three Indian non-banking financial institutions (NBFIs).

Fitch Ratings has downgraded the long-term issuer default ratings (IDRs) of Shriram Transport Finance Company (STFC) and Muthoot Finance (MFL) to 'BB' from 'BB+'. It has also downgraded the long-term IDR of India Infoline Finance (IIFL) to 'B+' from 'BB-'. All their ratings have been placed on Rating Watch Negative (RWN). Fitch has also placed the 'BB-' Long-Term IDR of Manappuram Finance on RWN.

STFC, Bajaj Finance, Bandhan

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in