The level of activity in the economy was significantly impacted by the coronavirus-induced lockdown in the first quarter of 2020-21, it said.
The rating agency also added that this along with less-than-expected pick-up in the economy in the second quarter due to partial lockdowns in some geographies have resulted in the agency's estimate of GDP contracting further to 9.5 per cent, it said.
However, the actual impact of Covid-19 may differ from that estimated due to unforeseen circumstances, it said. The company will continue to closely monitor any material changes to future economic conditions and consequential impact on its financial statements, it added.
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