Indiabulls Housing Finance crashes 10% on Moody's rating downgrade

Shares of Indiabulls Housing Finance (IBH) slumped 10 per cent to Rs 498 on the BSE in Friday's early morning trade after global rating agency Moody's downgraded the mortgage lender's long-term corporate family rating to Ba2 from Ba1, while changing its outlook to negative from stable.

The 'negative' outlook generally means the ratings won’t improve in the next 12-18 months. The ‘Ba’ rating, as per Moody’s rating scale, is “judged to be speculative, subject to substantial credit risk.”

At 10:21 AM, the stock was trading 8.4 per cent lower at Rs 505 as compared to the 0.5 per cent dip