Ratings agency CRISIL on Wednesday downgraded commercial papers (CPs) worth Rs 1,525 crore and short-term deposits worth Rs 1,000 crore issued by Dewan Housing Finance Corporation (DHFL) by a notch to \u2018A1\u2019. Earlier, on Tuesday, rating agency Icra had downgraded Rs 8,000 worth of CPs issued by DHFL to \u2018A2+\u2019. The lender\u2019s total borrowings including deposits, loans from NHB, banks and the debt markets stood at Rs 1 lakh crore at the end of March 2018, according to a company presentation. While 47% of the borrowings were in the form of deposits, 38% was in the form of bank loans. ALSO READ: Nobel Laureate Amartya Sen disses Ayushman Bharat, says Modi should focus on primary healthcare The DHFL stock slipped close to 5% this week till Thursday to close at Rs 127.2. Since September 21, 2018, the stock has lost close to 75% of its value. The agency said, \u201cThe rating revision takes into account the limited progress in the last one month in raising funds (including securitisation), its cascading impact on business operations through negligible disbursements and slower-than-envisaged build-up of on-balance sheet liquidity.\u201d The mortgage lender\u2019s shares had tumbled on September 21, 2018, following a sale, by DSP Mutual Fund, a couple of days prior to that, of DHFL \u2018AAA\u2019-rated paper at a yield of 11%. The unusually high yield for a paper of that quality spooked the money markets. Investors turned increasingly nervous as it came soon after the defaults in IL&FS surfaced .