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An update from Reliance Infrastructure Limited ( (IN:RELINFRA) ) is now available.
India Ratings & Research has downgraded Reliance Infrastructure Limited’s long-term bank loan rating to ‘IND C’, while affirming its short-term rating at ‘IND A4’, citing heightened risks following regulatory and investigative actions against the company. The downgrade stems from an Enforcement Directorate order placing a lien on about INR 778.6 million of the company’s bank accounts under alleged FEMA violations, provisional attachment of non-core properties worth roughly INR 6,690 million under PMLA, and a SEBI show-cause notice for alleged unfair trade practices, developments that the agency believes could constrain Reliance Infrastructure’s operational and financial flexibility; the company, which strongly disputes the rating action as unwarranted and not reflective of its improved credit fundamentals, says it is pursuing legally advised measures while the rating agency continues to monitor the evolving situation and any potential need for cash support to its guaranteed subsidiaries and new business lines.
More about Reliance Infrastructure Limited
Reliance Infrastructure Limited is an Indian company operating in the civil construction and infrastructure sector, with activities spanning engineering, procurement and construction projects and related infrastructure businesses. The company also has various subsidiaries and emerging business segments, though financial integration and cash fungibility with these units are limited, according to its rating agency’s assessment.
Average Trading Volume: 257,472
Technical Sentiment Signal: Sell
Current Market Cap: 64.29B INR
For an in-depth examination of RELINFRA stock, go to TipRanks’ Overview page.