NEW DELHI: Shares of Dewan Housing Finance Corporation (DHFL) cracked over 4 per cent in morning trade on Wednesday after the rating agency Icra downgraded the company's payouts or pass through certificates (PTCs).Icra downgraded the PTCs issued under six mortgage loan securitisation transactions by DHFL, a PTI report said.
The rating of these instruments has been downgraded from BBB (SO) to AA -(SO).Icra has revised the rating on the commercial paper worth Rs 850 crore of DHFL from A3+ Watch with Negative Implications to A4 Watch with Negative Implications on Monday, the PTI report added.The Icra downgrade followed a downgrade from Crisil on Monday.
Rating agency Crisil Ratings has downgraded commercial paper worth Rs 850 crore of Dewan Housing Finance Corporation driven by weak liquidity condition of the company.The mortgage lender's liquidity dropped to Rs 2,775 crore as of end-April."The downgrade is driven by the more-than-expected reduction in the company's liquidity because of further delays in fundraising from sell down of project finance loans and lower inflows from securitisation of non-housing loans," PTI reported the agency saying so in a note last week.Shares of DHFL traded 4.19 per cent down at Rs 112.10 on BSE around 9:45 am.