Vodafone Idea hits new low as CRISIL downgrades its NCDs rating



Shares of Vodafone Idea hit a new record low of Rs 5.13, down 9 per cent on the BSE on Wednesday after CRISIL downgraded its rating on non-convertible debentures (NCDs) of Rs 3,500 crore to 'CRISIL A/Negative' from 'CRISIL A+/Negative'.

The ratings agency noted that the rating revision is on account of deterioration in the company's business and financial risk profile over the medium-term due to lower profitability than expected, although significant synergy benefits were accrued ahead of the earlier plan.


Despite the company’s deleveraging plans, net debt may continue to exceed Rs 1 trillion by the end of March 31, 2020, CRISIL said in rating rationale.

Vodafone Idea plans to monetise its 11.15 per cent stake in Indus Towers, post completion of the Bharti Infratel and Indus Towers merger. The proceeds from this transaction is estimated at about Rs 5,630 crore as on June 30, 2019. Besides, the company is also looking to sell its fibre assets.
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