The downgrade came barely a week after the Anil Ambani-led company's auditors raised red flags over its financial results as well as "significant doubt" over the group's ability to continue as a going concern.
Reliance Infrastructure had reported a net loss of Rs 3,301 crore for the quarter ended March 31 on a consolidated basis. The company had recorded a profit of Rs 133.66 crore in the corresponding quarter of the previous financial year.
On an annual basis, it had incurred a loss of Rs 2,426.82 crore for 2018-19. It had reported a profit of Rs 1,255.50 crore in 2017-18.
Shares of Reliance Infrastructure were trading 10.21 per cent higher at Rs 57.20 apiece on BSE.