India Ratings and Research has downgraded Eveready Industries India Ltd's Long term Credit Rating to 'IND BBB' from 'IND A+' and maintained it on Rating watch Negative.
The Instrument-wise revised ratings are as follows:
Term Loan - IND BBB/RWN
Fund Based Limits Long term rating - IND BBB/RWN & Short term rating - IND A2/RWN
Non Fund Based Limits Long term rating - IND BBB/RWN & Short term rating - IND A2/RWN
Commercial Paper IND A2/RWN
The reasons for the said downgraded credit ratings as provided, are increased leverage and weakened liquidity.
Shares of EVEREADY INDUSTRIES INDIA LTD. was last trading in BSE at Rs.90.9 as compared to the previous close of Rs. 88.6. The total number of shares traded during the day was 22746 in over 196 trades.
The stock hit an intraday high of Rs. 91.75 and intraday low of 87.2. The net turnover during the day was Rs. 2036782.