For Quick Alerts
For Daily Alerts

IDBI Bank shares drop on rating downgrade

IDBI Bank shares drop on rating downgrade
IDBI Bank: Quotes, News
BSE 29.00BSE Quote0.15 (-0.52%)
NSE 28.95NSE Quote0.2 (-0.69%)
Shares in IDBI Bank dropped today as global ratings firm Standard & Poor's (S&P) downgraded IDBI Bank on its foreign currency issuer credit rating on the back of weak asset quality of the bank, reported PTI.

The shares were last quoting at Rs 64.50, down 1 per cent on the National Stock Exchange.

"...lowered foreign currency issuer credit rating on India-based IDBI Bank to 'BB+/B' from 'BBB-/A-3'. The outlook on the long-term rating is negative," S&P said in a release.

Standard & Poor's Ratings Services bases its rating on IDBI on the bank's 'adequate' business position, 'moderate' capital and earnings,'moderate risk position, 'average' funding, and 'adequate' liquidity, it said.

"We downgraded IDBI because we expect the bank's asset quality to remain weak over the next 12-18 months," said Standard & Poor's credit analyst Amit Pandey.

With inputs from PTI and Dion Global Solutions Ltd

Read more about: idbi bank
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more