October 8, 2018 / 4:30 AM / a year ago

BUZZ-India's Gati falls most in 1-1/2 wks after CARE cuts credit rating

** Logistics company Gati Ltd’s shares decline as much as 12.9 pct to 70 rupees, their biggest intra-day pct fall since Sept. 28

** CARE Ratings cut credit rating on co’s long-term bank facilities to CARE BBB and short term ones to CARE A3+, Gati said on Saturday

** Rating cuts take into account decline in revenue from ops, “significant deterioration in PBILDT level (adjusted to non-cash income) and reduction in gross cash accruals during FY18,” CARE said

** Ratings agency also raised concerns on co’s debt levels

** Stock down 40.8 pct this year as of last close

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