Barclays cuts Power Finance rating; debt bailout impact limited

MUMBAI: Barclays Capital cut India's Power Finance Corp to 'underweight' from 'neutral', saying the state-run lender for power projects would see only a limited impact from the government bailout of state-owned electricity distributors (discom).

Barclays Capital adds Power Finance has limited discom exposure, and cites concerns about the recent run-up in its share prices.

Barcap maintains its target price on Power Finance at 155 rupees. Shares of the power lender were down 3.2 percent at 191.50 rupees at 0458 GMT.