Voda Idea stock falls over 16 pc on rating downgrade

Shares of Vodafone Idea on Tuesday tanked over 16 per cent due to rating downgrade on AGR dues and other issues of the company.

On the BSE, the stock plunged 14.91 per cent to trade at Rs 2.91 in early market hours. Later it was trading with a loss of 8.77 per cent at Rs 3.12.

The scrip plummeted to a low of Rs 2.85, down 16.17 per cent, on the NSE. It was trading 7.35 per cent lower at Rs 3.15.

Vodafone Idea on Monday said Care Ratings has downgraded rating on its long-term bank facilities and non-convertible debentures.

The downgrade is on account of “significant erosion” in the overall risk profile of the company in the wake of absence of relief on modification plea relating to AGR dues on February 14.