Mcleod Russel locked at 5% lower circuit on rating downgrades by ICRA

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Shares of Mcleod Russel touched 52-week low of Rs 19.85, locked at 5 percent lower circuit on June 18 after rating downgraded by ICRA.

Rating agency ICRA has downgraded the credit rating for the long-term borrowing program of the company and also the short term rating.

ICRA has downgraded the ratings of bank facilities of Mcleod Russel India to ICRA B-/ICRA A4 from ICRA BBB-/ICRA A3

ICRA has also moved the ratings to the 'Issuer Not Cooperating' category due to non-submission of monthly 'No Default Statement' (NOS) by the entity. The rating is now denoted as ICRA B- (Negative)/ICRA A4 ISSUER NOT COOPERATING.

There were pending sell orders of 37,157 shares, with no buyers available.

At 09:32 hrs Mcleod Russel (India) was quoting at Rs 19.85, down Re 1, or 4.80 percent on the BSE.

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