ICRA downgrades Credit Rating for Rs. 1798.0 crore LOC of KRBL Limited

The Rating Committee of ICRA, after due consideration of the latest developments of KRBL Limited, has placed the long-term rating of [ICRA]AA- (pronounced as ICRA double A minus) and short-term rating of [ICRA]A1+ (pronounced as ICRA A one plus) for the Rs. 1798.0 crore Line of Credit (LOC) under 'Watch with Negative Implications'.

The rating has been revised due to detention of Mr. Anoop Kumar Gupta, Joint Managing Director of the Company, by the Enforcement Directorate while cooperating with the investigation in the Augusta Westland case.

The company has reiterated that neither KRBL Limited nor Mr. Gupta has anything to do with the Augusta Westland case. KRBL Limited or Mr. Gupta was neither named in the charge-sheet / complaints nor has he been arrayed as an Accused in the Augusta Westland Case.

Shares of KRBL LTD. was last trading in BSE at Rs.214.1 as compared to the previous close of Rs. 202.6. The total number of shares traded during the day was 149324 in over 3909 trades.

The stock hit an intraday high of Rs. 221.7 and intraday low of 204.1. The net turnover during the day was Rs. 31827294.

Source : Equity Bulls

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