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MTNL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CRISIL Ratings has continued its rating on MTNL's Rs 6,500 crore bonds and Rs 20 crore NCDs on 'Watch Negative' (CRISIL AAA (CE) / Watch Negative). The rating was placed on watch negative in September 2024 due to delays in funding the designated escrow account beyond the T-3 deadline for government-guaranteed bonds. MTNL's loan account with Bank of India slipped into NPA category on September 4, 2024. CRISIL has also reaffirmed its unsupported rating at CRISIL D due to continuing delays in servicing of debt since June 2024 and stretched liquidity. The company reported a loss of Rs 3,107 crore in fiscal 2026 with accumulated losses and negative networth. However, all bond payments to investors have been made on time due to Government of India funding the escrow accounts.
The rating watch negative signals continued risk of downgrade if payment mechanism breaches recur. Despite government support keeping AAA rating intact, the unsupported CRISIL D rating reflects severe underlying financial stress. Investors should monitor for further developments on adherence to the T-structure payment mechanism.