HDIL asks CARE to review downgrade, shares slump
Credit Analysis and Research Ltd (CARE) downgraded HDIL's debt ratings in a report dated Wednesday, citing "ongoing delays in servicing" some debt obligations.
"The company has not accepted the said rating assigned by CARE and would like to reiterate the company's strong financial and operational performance and sound fundamentals," HDIL said in a statement.
The real estate developer did not mention its debt repayments.
Shares in HDIL were down 16.7 percent as of 12:32 pm.
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