Reliance Communications dips after ratings outlook downgrade by Moody's

Moody's has cut the ratings outlook to 'negative' from 'stable'

Shares of Reliance Communications were down nearly 1% at Rs 49.80 on the Bombay Stock Exchange after ratings outlook downgrade by Moody's Investors Service, Inc.

The global credit rating agency has affirmed Ba3 corporate family rating and senior secured Noted rating with outlook from stable to negative, the company said in a release.

This is due to delay in execution of de-leveraging plan of the company, the release added.

The stock opened at Rs 49 and touched a low of Rs 48.75. At 2:15pm, over 8.8 million shares were traded on both the stock exchanges.