Muthoot Finance slips 7% as Moody's downgrades outlook to 'negative'

Moody's said the Indian NBFC industry has been affected given disruptions to India's economic activity from the coronavirus outbreak, which will weaken companies' credit profiles

Shares of Muthoot Finance slipped 7 per cent to Rs 692 on the BSE in an otherwise firm market on Wednesday after global rating agency Moody’s downgraded the gold finance company's outlook to 'negative' from 'stable'. In comparison, the S&P BSE Sensex was up 2.2 per cent at 31,369 at 12:00 pm.
 

“Moody's Investor Service has affirmed Muthoot Finance's 'Ba2' Corporate Family Rating and its outlook changed to negative from stable,” the agency said in a rating action on Monday.

Moody's said that the Indian non-banking finance company (NBFC) industry has been affected given disruptions to India's economic activity