Fitch Ratings has affirmed NTPC long-term issuer default rating at 'BBB-'. The outlook is stable. At the same time, the agency has affirmed NTPC's senior unsecured rating of 'BBB-' and the 'BBB-' ratings on its USD 2 billion medium term note programme.

NTPC is rated a notch below its standalone profile of 'BBB', as its ratings are constrained by that of its 75% shareholder - the Indian State (BBB-/stable).

Fitch assesses that the linkages between NTPC and the sovereign are moderate to high, with strategic linkages being especially strong.

Shares of the company declined Rs 1.4, or 0.91%, to trade at Rs 152.05. The total volume of shares traded was 478,615 at the BSE (2.11 p.m., Wednesday).