Indiabulls Housing Finance falls 13% in two days on Moody's downgrade

Moody's on Monday downgraded the corporate family rating and the foreign currency senior secured rating of the housing finance company to B2 from Ba2 citing funding challenges for the company.

Shares of Indiabulls Housing Finance (IBHFL) dipped 8 per cent to Rs 182 on the BSE on Tuesday, falling 13 per cent in the past two trading days, after Moody's Investors Service on Monday downgraded the corporate family rating (CFR) and the foreign-currency senior secured rating of the housing finance company to B2 from Ba2, citing funding challenges for the company.

In addition, the ratings agency also downgraded Indiabulls' foreign and local currency senior secured MTN program ratings to (P)B2 from (P)Ba2. The outlook on all ratings, where applicable, remains negative, Moody's said in a statement.

The downgrade