Icra downgrades McLeod Russel India, stock closes at a 52-week low

In a bid to pare debt, McLeod had sold 12 estates in Assam and signed agreements to sell more gardens in Assam, Dooars and Africa

Rating agency Icra has downgraded McLeod Russel India for the third time since April on the back of continued pressure in the liquidity profile.
 
The agency has downgraded the ratings of bank facilities of McLeod Russel India to [ICRA] B-/[ICRA] A4 from [ICRA] BBB-/[ICRA]A3. Icra has also moved the ratings to the ‘Issuer Not Cooperating category’ due to monthly to non-submission of monthly No Default Statement (NDS).
 
The McLeod Russel stock closed at a 52-week low of Rs 19.85, locked at the lower circuit. A year ago, the stock was hovering around Rs 150. On April 2, when