IDBI Bank hits 52-week low as ICRA, CRISIL downgrade bond rating

The stock hit a 52-week low of Rs 61.75, down 5.5% on BSE in intra-day trade

IDBI Bank hit its 52-week low of Rs 61.75, down 5.5% on BSE in intra-day trade, after domestic rating agencies ICRA and CRISIL downgraded various debt instruments of the state-run bank.

“ICRA has advised that the rating downgrade takes into account the bank’s substantially weak operating and financial performance during fourth quarter of financial year 2017 (Q4FY17) and in the financial year 2017 overall, which has resulted in a significant erosion of its capital (CET-I)," IDBI Bank said in a regulatory filing.

Given the bank’s immediate and large quantum of capital requirement, ICRA has placed its ratings on