India's Capacite Infraprojects eyes worst day in 2 yrs after ratings downgrade

Capacite Infraprojects

23/08/2021 09:24

** Shares of construction co  CAPE.NS  fall as much as 20%
at 159 rupees, their worst intraday pct fall since August 2019
    ** Co on Saturday said India Ratings and Research downgraded
co's long-term issuer rating to 'IND D' from 'IND A' (https://bit.ly/3z5Y4vc)
    ** In a note, India Ratings said CAPE's downgrade reflects
the co's challenges with liquidity, which led to default in
servicing its debt obligations
    ** Although the co's execution profile improved slightly in
2HFY21, it was not able to generate sufficient cash flows due to
the severity of the pandemic-led lockdown, India Ratings said
    ** CAPE, however, said lenders have not classified its
account as default 
    ** About 1.5 mln shares change hands vs 30-day avg of
427,079 
    ** CAPE shares are up 9.4% this year as of last close

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
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