PC Jeweller falls 10% on rating downgrade by CRISIL on bank facilities

CRISIL has downgraded its ratings on the company's bank facilities to 'CRISIL BB+/Negative/CRISIL A4+' from 'CRISIL BBB+/Negative/CRISIL A2'

PC Jeweller shares plunged 10 per cent to Rs 56. 20 in intra-day trade on the BSE on Monday after rating agencies CRISIL and CARE Ratings revised their ratings to the company's bank loan facilities and fixed deposit programme.

CRISIL downgraded its ratings on the company's bank facilities, part of the PCJ Group, to 'CRISIL BB+/Negative/CRISIL A4+' from 'CRISIL BBB+/Negative/CRISIL A2', while CARE Ratings revised the ratings to the fixed deposit programme (jewel for less - jewellery purchase scheme) to CARE BB+ (FD).

“The downgrade reflects significant operating losses reported by the PCJ group on account of an unexpected