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IL&FS group companies stocks plunge up to 14% on rating cut by ICRA

IL&FS Transportation Networks slumped 13.79%

Press Trust of India  |  New Delhi 

IL&FS, Infrastructure Leasing and Financial Services, Mumbai
A logo of IL&FS (Infrastructure Leasing and Financial Services) is seen on a building at its headquarters in Mumbai. Photo: Reuters

Shares of (IL&FS) group tumbled up to 14 per cent Monday after agency downgraded loan and debentures of infrastructure financing firm

Transportation Networks slumped 13.79 per cent, Investment Managers dived 10.99 per cent and IL&FS Engineering and Construction Company plunged 6.55 per cent on the

The three stocks hit their respective 52-week lows in intra-day trade.

agency Sunday downgraded loan and debentures of infrastructure financing firm IL&FS to 'default risk' citing liquidity pressure on the group on the back of sizeable repayment obligations.

The ratings of IL&FS, which has reportedly defaulted on payment, is kept under watch with developing implications.

The long-term rating of IL&FS' Rs 5,225 crore non-convertible debenture programme and the Rs 350 crore term loans has been cut to 'BB' from 'AA+'.

First Published: Mon, September 10 2018. 17:45 IST