September 10, 2018 / 7:21 AM / in 2 months

BUZZ-India's IL&FS group stocks sink after ICRA cuts rating, RBI's reported move

** Shares of Infrastructure Leasing & Financial Services group fall around 13 pct after ratings agency ICRA cuts rating on the parent group’s 52.25 bln rupees ($719.50 mln) NCDs to BB, “under watch for developing actions”

** IL&FS Investment Managers falls as much as 15.7 pct to 9.70 rupees, biggest daily pct loss since Apr 2009

** IL&FS Transportation Networks crashes over 16 pct to a record low of 25.25 rupees

** IL&FS Engineering and Construction Co sinks as much as 10 pct to an all-time low of 15.25 rupees

** RBI initiated special audit on the group, after it defaulted on repaying about 2.50 bln rupees worth of inter-corporate deposits to Small Industries Development Bank of India (SIDBI), BloombergQuint reported here.QMsyJQI on Saturday, citing sources

** Default of payment by co forced SIDBI to approach RBI to intervene in the matter, reported adds

** RBI and IL&FS were not immediately available for comment on the matter ($1 = 72.6200 Indian rupees)

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