MEP Infrastructure Developers tanked 10.55% to Rs 26.70 after credit rating agency Icra downgraded the non-fund based limits worth Rs 50 crore of the firm to 'A4+' from 'A3'.
Icra has also withdrawn its rating on the company after the downgrade.The downgrade in the rating of MEP Infrastructure Developers factors in the slower than anticipated progress in the six under-construction hybrid annuity mode (HAM) road portfolio with current progress lagging behind schedule.
MEP Infra made the announcement after market hours yesterday, 27 August 2019.
On BSE, 34,000 shares were traded in MEP Infrastructure Developers counter, compared to a 2-week average of 21,000 shares. The stock hit an intraday high of Rs 30.20 and an intraday low of Rs 26.
It hit a 52-week high of Rs 54.05 on 28 August 2018 and a 52-week low of Rs 24.90 on 23 August 2019.
MEP Infrastructure Developers is a toll management company. The firm operates a network of roads, highways, bridges and toll plazas.
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