DHFL plunges 19% in two days after CRISIL's credit rating downgrade

The downgrade is driven by continued low visibility in raising funds and CRISIL's belief that liquidity levels will remain subdued vis-a-vis earlier expectations, the rating agency said

Dewan Housing Finance Corporation (DHFL) shares plunged 11 per cent to Rs 139 on BSE in intra-day trade on Monday, extending its Thursday’s 8 per cent decline after rating agency CRISIL downgraded credit rating of the company's commercial paper and continued on watch negative.

At 01:28 pm, the stock was top loser among S&P BSE 500 index constituents. In comparison, the benchmark S&P BSE Sensex was down 0.88 per cent at 38,795 points.

CRISIL said the downgrade was driven by continued low visibility in raising funds and CRISIL's belief that liquidity levels will remain subdued vis-a-vis earlier expectations. Expected fund