Last Updated : Sep 23, 2019 11:10 AM IST | Source: Moneycontrol.com

Reliance Capital tumbles 8% after CARE downgrades its long-term debt program

The stock has seen a steady decline in the last one year with the stock falling over 90 percent.

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Share price of Reliance Capital tumbled over 8 percent intraday on September 23 after credit rating agency CARE downgraded the rating of the company to "CARE D" for the company’s long-term debt program, market-linked debentures and subordinated debt of the company, due to the alleged “delay” in payment of interest by one day.

"The company made a stock exchange filing on September 11 stating that the interest payment for NCDs which was due on September 9 was duly activated on the due date, but the same could not go through owing to a technical glitch in bank servers on that date and the payment went through on the very next bank working day on September 11," the company said in a BSE filing.

The stock has seen a steady decline in the last one year, falling over 90 percent.

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At 1100 hrs, Reliance Capital was quoting at Rs 28.75, down Rs 2.60, or 8.29 percent. It has touched a 52-week low of Rs 28.40.

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First Published on Sep 23, 2019 11:10 am