Everonn Education slumps on CARE downgrade

Shares of Everonn Education slumped nearly 9% at Rs 54 on reports that the rating agency CARE has downgraded the company's ratings.

Shares of Everonn Education slumped nearly 9% at Rs 54 on reports that the rating agency CARE has downgraded the company's bank facilities.

Rating agency CARE has downgraded Everonn Education's to default as the company has not services long-term and short-term bank loans aggregating Rs 808.29 crore, the rating agency said in a press release.

The agency has downgraded the company's long-term bank facilities worth Rs 730.29 crore to 'D'  from 'BB-', the release said.

The stock opened at Rs 59.65 and later touched a high of Rs 60.20 and a low of Rs 53.40 on the Bombay Stock Exchange so far.

Over 2 million shares were traded on both the stock exchanges so far.