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The announcement was made after market hours yesterday, 11 April 2019.

Meanwhile, the S&P BSE Sensex was up 83.61 points, or 0.22% to 38,690.62.

On the BSE, 2.56 lakh shares were traded in the counter so far compared with average daily volumes of 26.86 lakh shares in the past two weeks. The stock had hit a high of Rs 172.15 and a low of Rs 167.15 so far during the day. The stock hit a 52-week high of Rs 690 on 3 September 2018. The stock hit a 52-week low of Rs 97 on 4 February 2019.

Brickwork Ratings India has downgraded the credit ratings on Dewan Housing Finance Corporation (DHFL)'s facilities/instruments, including secured non-convertible debentures (NCDs) and fixed deposits, aggregating Rs 56,550 crore. The downgrade is on account of limited progress in building up liquidity, selling/ exiting riskier construction finance loans, according to DHFL's stock exchange notice.

The ratings on the public issue of secured NCD (aggregating Rs 29,000 crore) as well as secured NCD (aggregating Rs 12,000 crore) have been downgraded from 'AA' to 'AA-', with both ratings carrying the 'credit watch with negative implications' tag, the filing said.

The rating on fixed deposits (aggregating Rs 12,000 crore) has been been downgraded from 'FAA' to 'FAA -', carrying the 'credit watch with negative implications' tag.

The subordinate debt (aggregating Rs 2,250 crore) and innovative perpetual debt instrument (aggregating Rs 1,300 crore), the rating have been downgraded from 'AA' to 'AA-' and 'from 'AA-' to 'A+', respectively, it added.

Net profit of DHFL declined 36.70% to Rs 313.60 crore on 12.40% rise in total income to Rs 3255.89 crore in Q3 December 2018 over Q3 December 2017.

DHFL provides home loan products including loans on homes, residential plots, construction, LAP or loan against property as also mortgage, non-residential and project loans.

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