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Shares of Jain Irrigation Systems (JISL) tanked 22 per cent to Rs 21.25 on the National Stock Exchange (NSE) on Wednesday after rating agency India Ratings and Research (Ind-Ra) downgraded the company’s long-term issuer rating to ‘IND BBB’ from IND A-“ with negative outlook.
The stock was trading at its lowest level since February 2, 2005. The trading volumes on the counter more-than-doubled with a combined 53 million shares changing hands on the NSE and BSE till 10:51 am.
The rating agency said the downgrade reflects deterioration in the liquidity profile of JISL on account of a delay
The stock was trading at its lowest level since February 2, 2005. The trading volumes on the counter more-than-doubled with a combined 53 million shares changing hands on the NSE and BSE till 10:51 am.
The rating agency said the downgrade reflects deterioration in the liquidity profile of JISL on account of a delay
