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IIFL Finance tumbles as Moody's downgrades company’s CFR to 'B2'

29 Sep 2020 Evaluate

IIFL Finance is currently trading at Rs. 79.50, down by 1.10 points or 1.36% from its previous closing of Rs. 80.60 on the BSE.

The scrip opened at Rs. 80.40 and has touched a high and low of Rs. 84.00 and Rs. 78.00 respectively. So far 25516 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 212.80 on 14-Feb-2020 and a 52 week low of Rs. 58.15 on 03-Jun-2020.

Last one week high and low of the scrip stood at Rs. 84.00 and Rs. 75.55 respectively. The current market cap of the company is Rs. 2977.97 crore.

The promoters holding in the company stood at 24.99%, while Institutions and Non-Institutions held 18.70% and 56.31% respectively.

Global rating agency -- Moody’s Investors Service has downgraded IIFL Finance corporate family rating (CFR) by a notch to B2 from B1 on the company's asset quality concerns. Obligations rated B2 are considered speculative and are subject to high credit risk. The global rating agency has also downgraded senior secured debt rating to B2 from B1, and senior secured medium-term note (MTN) programme rating to (P) B2 from (P) B1. However, the rating outlook has been changed to stable from rating under review.

The downgrade of IIFL Finance's ratings reflects Moody's expectation that the company's asset quality and profitability will deteriorate as loan delinquencies and defaults increase. This weakening will be driven by declining earnings and cash flow at its customers due to the deep coronavirus-led economic contraction.

IIFL Finance is an Indian diversified financial services company.

IIFL Finance Share Price

473.15 7.20 (1.55%)
17-Apr-2026 16:59 View Price Chart
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