NEW DELHI: Hitting their lower circuit limit, shares of Eros International Media (EIML) cracked 20 per cent to its 52-week low at Rs 53.10 in Thursday's session after a downgrade by rating agency CARENSE -1.33 %.
CARE cut the creditworthiness of the entertainment firm, citing delays or likely defaults in serving debt availed from banks.
It has lowered the long-term loan facilities to ‘D’ or default from BBB-, a plunge in grades by several notches reminiscent of the sharp downgrades at infrastructure conglomerate IL&FS.
The downgrade will likely hit EIML’s fundraising plans.
and packing credit and a delay of more than 30 days in payment of bills.
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