Vodafone Idea hits new low as CRISIL downgrades its NCDs rating

Shares of Vodafone Idea hit a new record low of Rs 5.13, down 9 per cent on the BSE on Wednesday after CRISIL downgraded its rating on non-convertible debentures (NCDs) of Rs 3,500 crore to 'CRISIL A/Negative' from 'CRISIL A+/Negative'.

The ratings agency noted that the rating revision is on account of deterioration in the company's business and financial risk profile over the medium-term due to lower profitability than expected, although significant synergy benefits were accrued ahead of the earlier plan.

Despite the company’s deleveraging plans, net debt may continue to exceed Rs 1 trillion by the end of March