IDBI Bank updates on Moody's rating

Moody's had shared draft press release on April 03, 2020 affirming the deposit rating of IDBI Bank at Ba2. The baseline credit assessment (BCA) and adjusted BCA of IDBI Bank has also been affirmed at b2. At the same time, the outlook for IDBI is revised to Stable from Positive. It may be mentioned that IDBI Bank has terminated all rating contracts / engagements with Moody's Investors Services for various issues under the Bank's MTN Bond Programme. Since the press release does not mention that the rating is unsolicited, intimation in this regard was sent to Moody's on April 03, 2020. However, Moody’s did not respond to the said intimation and published the combined press release for four Banks, including IDBI Bank.

Shares of IDBI BANK LTD. was last trading in BSE at Rs.19.5 as compared to the previous close of Rs. 19.3. The total number of shares traded during the day was 122038 in over 487 trades.

The stock hit an intraday high of Rs. 19.9 and intraday low of 19. The net turnover during the day was Rs. 2372035.

Source : Equity Bulls

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