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Jet Airways has dipped 4% to Rs 224, extending its previous day’s 5% fall on BSE, after the credit rating agency ICRA has downgraded the company’s loan ratings from “”BB” to “D”. Instruments with “D” rating are in default or are expected to be in default soon.
The stock opened at Rs 232 and hit a low of Rs 222, its lowest level since March this year on BSE. A combined 966,121 shares changed hands on the counter so far on BSE and NSE.
ICRA revised the rating assigned to the Rs 3,210 crore, long-term, fund-based bank facilities of Jet Airways (India) to “D” from “BB”. The raging agency has also revised the rating assigned to the Rs 4,250 crore, short-term, fund-based/ non-fund based bank facilities of Jet Airways (India) to “D” from “A4”.
The ratings revision reflects delays in debt servicing by the company, ICRA said in a press release.
The stock opened at Rs 232 and hit a low of Rs 222, its lowest level since March this year on BSE. A combined 966,121 shares changed hands on the counter so far on BSE and NSE.
ICRA revised the rating assigned to the Rs 3,210 crore, long-term, fund-based bank facilities of Jet Airways (India) to “D” from “BB”. The raging agency has also revised the rating assigned to the Rs 4,250 crore, short-term, fund-based/ non-fund based bank facilities of Jet Airways (India) to “D” from “A4”.
The ratings revision reflects delays in debt servicing by the company, ICRA said in a press release.
