CARE places default grade for HDIL NCDs

Rating firm CARE Ratings has downgraded the Rs 2,095 non-convertible debentures of Mumbai based developer HDIL due to ongoing delays by the company in servicing its NCD payment obligations.

CARE has downgraded two tranche of NCDs worth Rs 1,894 crore from 'BBB+' to 'D' grade and another worth Rs 200 crore from A3+ to 'D' grade. D means instruments which are in default or going to default soon.

HDIL stock was trading at Rs 53.65, which was down 11.76% down from yesterday's close.