Mumbai, Nov 8
Moody's Ratings has downgraded ANI Technologies Pvt Ltd, the parent company of ride-hailing firm Ola, from ‘B3’ to ‘Caa1' and changed the outlook to negative.
Intense competition in India's ride-hailing sector will result in continued cash burn over the next 12 months. As such, the company will have to rely on external funding sources to refinance its upcoming loan maturity, the ratings agency said.
Revenue from operations dropped 43 per cent year-on-year to Rs 690 crore in Q2 FY26, down from Rs 1,214 crore in Q2 FY25, indicating a substantial decline in sales for the quarter