Fitch Ratings revised the rating outlook for India to negative from stable on Thursday. It retained its sovereign rating at the lowest investment grade of 'BBB-'. Fitch cited increasing risk to the country's growth and debt outlook.

"The coronavirus pandemic has significantly weakened India's growth outlook for this year and exposed the challenges associated with a high public-debt burden. Fitch expects economic activity to contract by 5% in the fiscal year ending March 2021 (FY21) from the strict lockdown measures imposed since 25 March 2020, before rebounding by 9.5% in FY22," it stated.

(This is a developing story)