Reliance Capital dips 9%, hits over 20-year low on ratings downgrade

Reliance Capital said the delay in payments -- the reason of rating downgrade -- was due to technical glitch in bank servers

Shares of Reliance Capital hit an over 20-year low of Rs 28.40, down 9 per cent on the BSE on Monday after Care Ratings downgraded the company’s debt programmes worth Rs 17,000 crore to 'D' on account of recent instance of delay in servicing of coupon on several non-convertible debentures (NCDs).

The stock was trading at its lowest level since March 19, 1999. It touched an all-time low of Rs 14.28 on August 17, 1990.

“The coupon was subsequently serviced with a delay of one working day. The liquidity profile of the group continues to be under stress