However, credit risk remains manageable, reflecting the sector's resilience during the coronavirus pandemic
CRISIL said it expected the current quarter's GDP to shrink 25 per cent year on year.
Fitch Ratings expect India's economic activity to contract by 5% in FY21 due to the strict lockdown measures imposed, before rebounding by 9.5% in FY22
Fitch has also revised the outlook on Hindustan Petroleum Corporation to negative from stable and affirmed the long-term IDR at BBB-minus
Action follows change in outlook on India's rating
Fitch, last week, lowered India's sovereign rating outlook to 'negative' from 'stable', saying the coronavirus pandemic has significantly weakened the country's growth outlook
Retains ratings at lowest investment grade
Reliance has sold almost 25 per cent of equity in Jio Platforms since April. Read about that story and more in our morning news wrap.
Amid the coronavirus pandemic, the pace of credit rating downgrades has accelerated with average monthly downgrades increasing by 22 per cent in the past few months, ICRA said in a report
From AGR dues to employment for migrant workers, Business Standard brings to you the top headlines of the day
Fitch has used the pandemic impact to comment on lower growth for India, which can be -5 per cent this year due to the lockdown and its effects
Retains ratings at lowest investment grade
Fitch expects economic activity to contract by 5% in the fiscal year ending March 2021 (FY21) from the strict lockdown measures imposed since 25 March 2020, before rebounding by 9.5% in FY22
All that happened in the markets today
Telecom stocks are expected to remain active today as the Supreme Court will hear the AGR matter later in the day
From S&P retaining India's sovereign rating and outlook, SC relief to Amrapali homebuyers to HUL's crorepati club shrinking, here are top news of the day
Listing positives for India, Fitch Ratings said there was greater confidence in a sustained reduction in general government debt over the medium term to a level closer to the 'BBB' peer median
The Covid crisis makes "data driven" projections inaccurate, as the past provides zero guidance for the future.
Stock markets generally discount an outcome a few months in advance. They might have seen the bottom in March, unless a more ferocious second wave results in a fresh lockdown, writes Ambareesh Baliga
The change brings Moody's rating into line with Fitch and Standard and Poor's, both of which rate India BBB-, although they assign stable rather than negative outlooks