UBI (BSE: 532477) dropped over 6per cent following Moody’s down grades

UBI (BSE: 532477) dropped over 6per cent and hitted monthly higher of Rs215.15, following  Moody’s down grades Union Bank of India’s ratings, To date, 1.12 lakh stocks have exchanged on the  Bombay Stock Exchange compared to the two-week avg volume of 0.76 lakh stocks.

Moody’s Investors Service has down graded by one_notch (D from D+) the ratings for UBI (BSE: 532477).

This is due to UBI’s weaker fiscal analytics in particular, its higher level of troubled assets, and lower provision coverage. This is unfavorable for UBI (BSE: 532477) and we continue to preserve hold_rating on the share.

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