{"id":124239,"date":"2019-06-23T17:50:24","date_gmt":"2019-06-23T17:50:24","guid":{"rendered":"https:\/\/www.bnreport.com\/eleven-stocks-14-billion-erased-indias-debt-woes-in-charts\/"},"modified":"2019-06-23T17:50:24","modified_gmt":"2019-06-23T17:50:24","slug":"eleven-stocks-14-billion-erased-indias-debt-woes-in-charts","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/eleven-stocks-14-billion-erased-indias-debt-woes-in-charts\/","title":{"rendered":"Eleven stocks, $14 billion erased: India\u2019s debt woes in charts"},"content":{"rendered":"<p><strong>By Ameya Karve and Divya Patil<br \/><\/strong><br \/>A year after a rare default in Indias credit market led to its mini-Lehman moment, several shadow banks in the country, its oldest surviving private airline and the parent company of its biggest television broadcaster are still reeling.<\/p>\n<p>The fear which erased more than 1 trillion rupees ($14.4 billion) in market capitalization of the 11 worst-hit firms is refusing to ebb.<\/p>\n<p>A custom index of shares of these 11 companies \u2014 ranging from Dewan Housing Finance Corporation to Reliance Capital \u2014 has slumped 54 per cent since June compared with the S&amp;P BSE Sensexs 12 per cent advance.<\/p>\n<p>Risk aversion in the credit market that followed the collapse of Infrastructure Leasing &amp; Financial Services roared back this month after Dewan Housings rating was cut to default. Many of these junk-rated borrowers have turned untouchable in credit <a href=\"https:\/\/economictimes.indiatimes.com\/definition\/markets\" rel=\"noreferrer noopener\" target=\"_blank\">markets<\/a> curtailing their ability to refinance outstanding bonds of 2.03 trillion rupees.<\/p>\n<p>Money is not cheap for non-bank lenders outside this group of eleven either as financing costs surge. For instance, to issue a two-year paper even a top rated shadow lender has to pay a premium of 162 basis points over sovereign debt with a similar maturity. The spread has widened by 50 basis points in the last 12 months, according to data compiled by Bloomberg.<\/p>\n<p>Rollover risks for outstanding borrowings are rising as these companies could only raise less than one-seventh of debt they did in the year before. Founders of most of these companies are selling businesses to tide over the crunch. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/economictimes.indiatimes.com\/img\/69914665\/Master.jpg\" alt=\"814x-1 (1)\" title=\"814x-1 (1)\" \/><\/figure>\n<p>The impact of the credit crisis is spreading. Local asset managers such as HDFC Asset Management Company, which have holdings of some of these stressed debt pa<a href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/news\/eleven-stocks-14-billion-erased-indias-debt-woes-in-charts\/articleshow\/69914657.cms\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More \u2013 Source<\/strong><\/a><br \/>\n[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/img.etimg.com\/photo\/60278104.cms\" \/><\/p>\n<h5><a href=\"https:\/\/economictimes.indiatimes.com\/\" rel=\"noreferrer noopener\" target=\"_blank\">ET Markets<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Ameya Karve and Divya Patil<\/p>\n<p>A year after a rare default ..<\/p>\n","protected":false},"author":1,"featured_media":124240,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-124239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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