HDIL loses 20 percent, asks CARE to review downgrade
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)
- Tweet this
- Share this
- Digg this
Half of India's thermal power stations have less than a week's supply of coal on hand, according to weekly data, the lowest level since mid-2012 when millions of people were left without power in one of the world's worst blackouts. Full Article
In race for bigger margins, drug makers willing to lose the India "advantage". Full Article