Eros International tanks 20% on CARE ratings downgrade, hits record low

Thus far in the current calendar year 2019, Eros International Media has seen its market value plunge 39 per cent, as compared to an 11 per cent rise in the S&P BSE Sensex.

Shares of Eros International Media were hammered by heavy selling during the early morning deals on Thursday after ratings company CARE cut its long-term loan facilities ratings from 'BBB-' to 'D'. The stock was locked in the lower circuit of 20 per cent at Rs 53.10 per share on the BSE, which was also its lifetime low.

The ratings agency cited delays or likely defaults in serving the debt availed from banks as reasons for the downgrade.

“The revision in the ratings assigned to the bank facilities of Eros International Media is on account of ongoing delays/default in debt servicing