After the SC verdict on AGR dues, telecom shares have been in focus for quite a while and after filing a review petition for the same in the Supreme Court and a rating downgrade by Care Ratings Limited (CARE), the stock of Vodafone Idea is trading higher by 5.49% at Rs 6.92 on the BSE, while it made an intra-day high of Rs. 6.99 per share.
Care Ratings Limited (CARE) downgraded its rating on long-term bank facilities and non-convertible debentures from CARE A- to CARE BBB-..The outlook remained as credit watch with negative implications.
At the same time, CRISIL has downgraded its rating of the VMSL NCDs of Rs. 3500 crore from BBB + to CRISIL BBB - with rating watch with negative implications.
Also, analysts even after the Supreme Court has allowed deferment of payment dues by the telecom players, see the fundaments of these companies to be a concern going forward. And the stocks from the category are put under the risky bet.
Share of the telecom major last quoted at Rs. 6.86 per share, gaining 4.57% on the BSE.