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Tata Power Drops over 1% After S&P Downgrades Outlook

By Religare

Shares of Tata Power fell over 1 per cent in early trade on Bombay Stock Exchange (BSE) after Rating agency Standard & Poor's (S&P) revised downwards its outlook on Tata Power Company (TPC) to 'stable' from 'positive', citing slow progress on tariff revisions for Mundra project and delay in receiving the proceeds from the stake sale in its Indonesian coal mine.

Tata Power Drops over 1% After S&P Downgrades Outlook

Reacting to the news, shares of the company dipped as much as 1.08 per cent to Rs 78.15 a piece on BSE.

In a similar trend, shares of the company dropped as much as 1.45 per cent to Rs 78.10 a piece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 27,572.30, down 162.72 points, or 0.59 per cent, at 11.08 hours.

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