Magma Fincorp share price slipped nearly 5 percent intraday on December 17 after ICRA revised the rating outlook of non-convertible debentures (NCDs) to negative from stable.
ICRA reaffirmed its rating of wholly owned subsidiary Magma Housing Finance's NCD programme at ICRA AA-, but revised outlook from stable to negative.
It assigned ICRA AA- negative rating to the term loans (bank) of the subsidiary company.
It also reaffirmed ICRA AA- (negative) rating for the term loans (bank) and non-convertible debenture programme of the company and revised outlook from stable to negative.
The revision in the outlook factors in the deterioration in the asset-quality indicators following reduced collection efficiencies in certain geographies and loan segments, ICRA said.
At 1150 hours, Magma Fincorp was quoting at Rs 53.50, down Rs 2.55, or 4.55 percent, on the BSE.
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