Reliance Infrastructure share price fell in trade today after the Anil Ambani-led firm said Brickwork Ratings (BWR) downgraded the rating on the company's bank loan facilities worth Rs 1,151 crore to D from C, citing deterioration in credit risk profile and weakening of the financial/debt servicing profile owing to substantial losses reported during FY19. Reliance Infrastructure share price fell up to 10% to an intra day low of 49.95 on BSE.

Reliance Infrastructure share price opened at 54.35 level, down 2.07%  on BSE. Reliance Infrastructure share has been losing for the last three days and has fallen 15.34% during the period.

Stock has fallen 83.71% since the beginning of this year and lost 86.87% during the last one year. The revision in the rating assigned to the bank loan facilities of Rs 1,151 crore of Reliance Infrastructure Ltd. (R-Infra) is primarily due to the deterioration in the credit risk profile and weakening of the financial/debt servicing profile of the company owing to substantial losses reported by the company during FY19.

Further, some of the SPVs/subsidiaries companies rated by BWR, have delays in their debt servicing and have been downgraded to BWR D, the company said. Anil Ambani-led Reliance Infrastructure posted its biggest ever net loss of Rs 3,301 crore in the fourth quarter of 2018-19, as it booked impairment and write-offs worth Rs 8,500 crore.

Earlier, the Reliance Infra board had deferred its meeting for the financial results twice. The firm set-off exceptional losses against Rs 6,616 crore from general reserves to reduce the net impact, without which the losses would have been higher. The group, on a consolidated basis, logged a net loss of Rs 2,426.82 crore for the financial year ending March 2019.

 Edited by Aseem Thapliyal