Crisil Downgrades PTC India's Ratings Amid Director Resignations

In an unexpected move, rating agency Crisil has downgraded ratings for various instruments issued by PTC India Financial Services (PFS). This decision follows the resignation of three independent directors, a surprise development that has cast uncertainty over the company's governance.

The directors, Seema Bahuguna, Naveen Bhushan Gupta, and PV Bharathi, resigned last month before the end of their three-year terms. This prompted Crisil to adjust its outlook on PFS's financial instruments. Specifically, the company's Fund based-Term Loan and Non-Convertible Debenture have been placed under 'Rating Watch with Developing Implications' from a previous CRISIL A/Stable rating.

Similarly, Commercial Paper issued by the company has been re-evaluated and is now under 'Rating Watch with Developing Implications' from a prior CRISIL A1 rating. PFS disclosed these changes in a regulatory filing on Thursday, indicating a period of financial scrutiny and adjustment ahead.

(With inputs from agencies.)