India Ratings and Research has downgraded its rating on NCDs of Rs 3,500 crore to IND BBB /RWN from IND A+/ Negative.
Shares of Vodafone Idea rose more than 10 percent intraday and continued its upward journey for the third consecutive session on November 4 after the company management denied reports of exiting its India business.
On Friday the share closed up 10.54 percent or Rs 0.41 at Rs 4.30.
Clarifying on reports of an exit of India operations by the Vodafone Group, the management said it is not aware 'about anything on this subject' as it pertains to the Vodafone Group and hence cannot comment on the same.
As regards to commitment to lenders, the company said it had received queries from some agencies and has responded/clarified them on a 'one-on-one basis'.
"There has been reportage in some media alleging that Vodafone Idea has approached its lenders for a debt recast. We categorically deny and dismiss this as baseless and factually incorrect. We have not made any request for a debt recast to any lender or asked for reworking of payment terms. We continue to pay all our debts as and when these fall due," the company said in a press release.
However, the rating agency CRISIL downgraded the rating on non-convertible debentures of Rs 3,500 crore of Vodafone Mobile Services from CRISIL A to CRISIL BBB+.
Also, India Ratings and Research has downgraded its rating on NCDs of Rs 3,500 crore to IND BBB /RWN from IND A+/ Negative.At 0930 hrs, Vodafone Idea Limited was quoting at Rs 4.64, up Rs 0.34, or 7.91 percent on the BSE.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.