GMR Infrastructure drops after CARE cuts ratings to default
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Shares of GMR Infrastructure have dropped 2.3% to Rs 13.18 on the Bombay Stock Exchange (BSE) after credit ratings agency CARE has downgraded ratings for long-term loans to GMR Hyderabad-Vijayawada Expressways to default grade "D" due to delays in servicing debt and cash losses.
The company has been revised from ‘BBB’ to ‘D’ after considering the delays in servicing debt obligations.
The combined short and long term loans amounted to Rs 1,768 crore and in a statement, CARE said that GMR Infrastructure holds about 90% stake in expressways.
The stock opened at Rs 13.01, which also was the low for the day. At 10 AM, a combined total of 1.7million shares changed hands on the counter of NSE and BSE.
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