HDIL loses 20 percent, asks CARE to review downgrade

MUMBAI Wed Mar 20, 2013 8:31pm IST

1 of 2. Labourers work at a construction site of a commercial complex in Mumbai April 26, 2012.

Credit: Reuters/Vivek Prakash/Files

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A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

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MUMBAI (Reuters) - Housing Development and Infrastructure Ltd (HDIL)(HDIL.NS) said on Wednesday it had asked a local credit agency to review a ratings downgrade that had sent its shares tumbling.

Credit Analysis and Research Ltd (CARE) (CREI.NS) downgraded HDIL's debt ratings in a report dated Wednesday, citing "ongoing delays in servicing" some debt obligations.

"The company has not accepted the said rating assigned by CARE and would like to reiterate the company's strong financial and operational performance and sound fundamentals," HDIL said in a statement.

The real estate developer did not mention its debt repayments.

Shares in HDIL ended down 20 percent at 48.65 rupees.

(Reporting by Aditi Shah; Editing by Miral Fahmy)

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