IndusInd Bank shares fall over 1 pc after downgrade
The scrip declined 1.16 per cent to close at Rs 1,277.20 on the BSE. During the day, it dropped 3 per cent to Rs 1,252.50.
At the NSE, it fell 1.21 per cent to close the trade at Rs 1,277.
Concerns over a further deterioration in asset quality have led Moody's to revise down its outlook on IndusInd Bank to 'negative' from 'stable' on Tuesday.
The private sector bank's rating has been affirmed at the earlier one of 'Baa-3/P-3', Moody's said in a note.
Baa3 denotes the lowest rating in investment grade on long-term corporate obligation which carries moderate risks.
"The outlook has been revised to negative to account for the risk of further asset quality deterioration," it said.Moody's noted that the bank has seen a deterioration in asset quality, particularly in the corporate segment over the last few quarters, and attributed the same to tight refinancing conditions faced by borrowers. SUM ANU
(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)