Anil Ambani firms hit new lows after ratings downgrade of financial arms

The Anil Ambani group’s all seven listed firms were under heavy selling pressure on Tuesday — two touched new all-time lows — after its financial arms, Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL), were downgraded to ‘below investment grade’ by CARE Ratings.
 
While the group tried to assuage investor concerns by reiterating that its asset monetisation plans were on track, the stock market action indicated that investors were hardly convinced. The group companies’ shares fell between 2 and 18 per cent on Tuesday and weighed on the overall market sentiment, with non-banking financial stocks also facing selling