Gayatri Projects tanks 11% to over four-year low on CARE Ratings' downgrade

The delay in servicing debt obligations, has resulted in a ratings downgrade by CARE to "D" from the earlier rating of "BB+", the rating agency said

Shares of Gayatri Projects plunged 11 per cent to Rs 86.95, an over four year low on the BSE on Monday, after Credit Analysis & Research (CARE) revised the ratings of long-term and short-term bank facilities to 'CARE D', due to delay in servicing debt obligations. The instruments with this rating are in default or are expected to be in default soon. The stock of the construction & engineering company traded at its lowest level since September 10, 2015.

“The revision in the ratings assigned to the bank facilities of Gayatri Projects is on account of stretched liquidity position of