The Rs 34.2-crore NCD issue of Lupin Chemicals and the Rs 101.4-crore NCD issue of Lupin Laboratories have been downgraded from `BB+' to `D', the default grade, the rating agency said in a statement here today.

Reacting to the downgrade, a Lupin statement said: Lupin Lab has achieved a profit growth of 24 per cent for the first six months of the current year and Lupin Chemicals has registered a profit growth of Rs 35 per cent in the first quarter.

"Crisil could have avoided the situation by waiting for some time. The companies have met their commitments with respect to the public for principal and interest on time."