Eveready Industries slips 4% after India Ratings downgrades credit rating

The rating agency downgraded the company's long term credit rating to 'IND BBB' from 'IND A+', while maintaining it on rating watch as 'negative'.

Shares of Eveready Industries slipped up to 4 per cent to Rs 86.55 apiece on the National Stock Exchange (NSE) during the early morning deals on Tuesday after credit ratings agency India Ratings and Research (Ind-Ra) downgraded the company's long-term credit ratings.

The company's long term credit rating was downgraded to 'IND BBB' from 'IND A+', while it maintained rating watch as 'negative'. The retail battery and flashlight manufacturer's commercial paper rating was also maintained as 'IND A2' with rating watch as 'negative' (RWN).

At 10:05 am, the stock was trading 3.46 per cent lower at Rs 87.8