Shares of basmati rice processing company KRBL fell 3.7 percent intraday on July 10 after ICRA downgraded the credit rating of company's long term bank facilities.
Company, on July 9 said ICRA revised rating on company's long term bank facilities worth Rs 1,700 crore to AA- (under rating watch with negative implications).
ICRA has revised the rating due to the provisional attachment of properties by the Directorate of Enforcement at Dhuri, Tehsil Sangrur District of Punjab, valuing about Rs 15 crore, on July 04, 2019 in connection with the Embraer deal case, it added.
But the agency retained rating on short term bank facilities and commercial paper at A1+.
"We protest and disagree with the revision in the rating by ICRA and the company is in process of getting the above rating reviewed from ICRA," KRBL said in its BSE filing.
The stock was quoting at Rs 226.15, down Rs 3.45, or 1.50 percent on the BSE at 1323 hours IST.
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