Reliance Capital has criticised CARE Ratings for downgrading its debt to default grade 'D', adding the "unjustified" move will harm the interests of millions of investors. CARE had cited one-day delay in coupon payments on NCDs by Reliance Capital to lenders for the cut, which Reliance attributed to "technical glitch in bank servers". CARE "arbitrarily disregarded" the explanation, Reliance said.