India's Gati falls most in 1-1/2 wks after CARE cuts credit rating

Allcargo Gati

08/10/2018 05:28

** Logistics company Gati Ltd's shares  GATI.NS  decline as
much as 12.9 pct to 70 rupees, their biggest intra-day pct fall
since Sept. 28
    ** CARE Ratings cut credit rating on co's long-term bank
facilities to CARE BBB and short term ones to CARE A3+, Gati
said on Saturday  urn:newsml:reuters.com:*:nBSE39FVXT
    ** Rating cuts take into account decline in revenue from
ops, "significant deterioration in PBILDT level (adjusted to
non-cash income) and reduction in gross cash accruals during
FY18," CARE said
    ** Ratings agency also raised concerns on co's debt levels
    ** Stock down 40.8 pct this year as of last close

 ((Reuters Messaging:
tanvi.mehta.thomsonreuters.com@reuters.net))