ICRA has downgraded the rating for IDBI Bank's Rs 80 billion infrastructure bonds programme, Rs 2.30 billion Flexi Bonds Series, Rs 257.42 billion senior & lower tier II bonds programme and Rs 700 million subordinated debt programme to [ICRA]AA from [ICRA]AA+.

Also, ICRA has revised the rating to [ICRA] AA (hyb) from [ICRA] AA+ (hyb) for the Rs 30 billion basel-III compliant tier-II bonds programme of the bank.

Additionally, the rating agency has also revised the rating for the bank's Rs 20 billion additional tier I bonds programme to [ICRA]A+ (hyb), for Rs 42.86 billion upper tier-II bonds programme to [ICRA]AA- and for Rs 17.08 billion basel-II compliant perpetual bonds programme to [ICRA]AA-.

On the other hand, ICRA has reaffirmed the rating on the fixed deposits programme at MAA+ and on the Rs 350 billion certificates of deposit programme at [ICRA] A1+. The outlook on the fixed deposits programme has been changed to 'Negative' from 'Stable'.

''The rating revisions are on account of higher than anticipated stress, slower than expected pace of recovery and weak outlook for several credit intensive sectors which have led to sharp deterioration in asset quality indicators of the bank and has impacted the earnings profile of the bank,'' said the rating agency.

Shares of the company gained Rs 0.7, or 1.26%, to trade at Rs 56.40. The total volume of shares traded was 501,291 at the BSE (2.55 p.m., Wednesday).