March 20, 2013 / 6:34 AM / 4 years ago

HDIL loses 20 percent, asks CARE to review downgrade

Labourers work at a construction site of a commercial complex in Mumbai April 26, 2012.Vivek Prakash/Files

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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