Reliance Infra top loser on BSE

Anil Ambani group company, Reliance Infrastructure fell over 2.5% to Rs.371.35, quite close to its 52-week low of Rs.364.25. It remains steadfast at the top loser on the BSE since morning.

The stock is reacting to credit rating agency, CRISIL cutting the rating on its non-convertible debentures (NCDs) and bonds.

These NCDs are worth Rs.585 crore and bonds at Rs.125 crore, and the rating has been lowered on account of non-payment of interest, principal obligations due on 27th July.

And just two days ago, Reliance Infra announced that it will complete the sale of its integrated Mumbai power business (Reliance Energy) to Adani Transmission Ltd (ATL) for Rs.18,800 crore by next week. The company would be utilising the proceeds of transaction to reduce its debt, making it the largest debt reducing exercise by any corporate.