Reuters Market Eye - Shares in Housing Development and Infrastructure Ltd (HDIL) fell more than 14 percent after local credit agency Credit Analysis and Research Ltd (CARE)
CARE downgraded HDIL's non-convertible debentures (NCDs) and short-term non-convertible debentures, worth a combined 20.95 billion rupees, to "CARE D", according to a report dated Wednesday.
An HDIL spokeswoman had no immediate comment about the status of the company's debt payments but said a statement would be issued later in the day.
HDIL has lost nearly half its value since the beginning of the year to $471 million as of Tuesday's close, with shares down 46 percent year-to-date due to concerns about its financial standing.
HDIL shares are down nearly 13.8 percent as of 12 noon.
(Reporting by Aditi Shah)
