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ICRA withdraws positive rating of Karvy
Special Correspondent
KOLKATA:
Rating agency ICRA Ltd has withdrawn the positive outlook assigned to Karvy Consultants Ltd (KCL) and Karvy Stock Broking Ltd (KSBL) in the wake of the SEBI report on the initial public offer (IPO) scam. The LA rating assigned to the Rs. 10 crore non-convertible debenture programme of KCL has been put on rating watch with negative implications, an ICRA release said, adding that similar action has been initiated in the case of the Rs. 50 crore NCD programme of Karvy Stock Broking.
ICRA is evaluating the impact of the SEBI order on the business and financial risk profile of KSBL, pending which the long-term ratings of LA have been placed under rating watch with negative implications, according to the release.
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