Reliance Home Finance Ltd's shares slumped as much as 20 per cent on Tuesday, their worst day since September 21, 2018.
CARE Ratings has downgraded the company's long-term debt programme, market-linked debt, NCDs to 'C' and long-term debt programme of banking facilities to 'D'.
ICRA has revised the rating to 'A4' from 'A2' for the company's short-term debt programme, citing the slow pace of monetisation of non-core investments (non-financial services businesses), and consequently no improvement in liquidity.
The liquidity profile of the group continues to be under stress on account of a delay in raising funds from the asset monetisation plan and impending debt payments, CARE Ratings said.
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