Ind-Ra downgrades Jana Capital, Jana Holdings NCDs to default

India Ratings downgraded Jana Capital and Jana Holdings NCDs to default after both entities extended debt repayments of about Rs 4,200 crore by six months due to refinancing challenges. The rating agency classified the tenure extension as a distressed debt exchange and a default. Jana Small Finance Bank shares opened sharply lower but recovered to close barely changed, as the obligations sit at the promoter level rather than the operating bank.