UFO Moviez hits 52-week low on ICRA downgrade

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UFO Moviez India touched a fresh 52-week low of Rs 62.50, falling more than 9 percent intraday on March 16 after ICRA downgraded the ratings of the company.

ICRA downgraded the long-term rating of the company to ICRA A+ from ICRA AA- and short-term rating to ICRA A1 from ICRA A1+.

The revision in rating factors in the decline in the company's advertisement revenues which has resulted in a de-growth in operating profit margin and also considers that the dividend payout including dividend distribution tax of Rs 148.1 crore in FY2020 has reduced the company's liquidity buffer.

Meanwhile, the management of the company believes that the liquidity position of the company remains healthy even after the payment of two dividends in FY2020.

At 11:56 hrs, UFO Moviez India was quoting at Rs 64.55, down Rs 4.35, or 6.31 percent on the BSE.