Shriram Transport Finance is currently the top loser on the BSE. It opened at Rs.700, down over 3.3% and this is after for sessions of consecutive gains. It hit an intraday low at Rs.629.45, slipping over 13%. Its 15% LC for today is at Rs.615.80.

The stock is reacting after rating agency, Fitch, downgraded its the Long-Term Issuer Default Ratings (IDRs) to 'BB' from 'BB+'. Fitch said that it has now been placed on Rating Watch Negative (RWN).

‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

Fitch expects delays in loan collections and asset recoveries if current restrictions on business activity are prolonged, putting pressure on its near-term on asset quality, credit costs and profitability.