India's IL&FS group shares hit lower circuit after parent defaults

IL&FS Engineering and Construction

09/10/2018 06:17

** Shares of IL&FS Transportation Networks Ltd  ILFT.NS  and
IL&FS Engineering and Construction Company Ltd  ILFE.NS  locked
in lower circuit after falling as much as 9.9 pct
    ** Parent co Infrastructure Leasing & Financial Services
said on Monday it was  unable to service obligations for inter
corporate deposit due Oct. 8  urn:newsml:reuters.com:*:nFWN1WO0D4
    ** Indian government took control of the infrastructure
financing and construction major last week, after co defaulted
on some of its debt obligations in recent weeks, sparking
concerns about risk in the rest of the country's financial
sector  urn:newsml:reuters.com:*:nL4N1WH20Z
    ** More than 166,000 shares of ILFT change hands, compared
with 30-day moving avg of 1.4 mln shares, while over 187,000
ILFE shares were traded vs 432,192 30-day moving avg
    ** ILFT stock down 67.3 pct this year as of last close,
while ILFE lost 58.6 pct during the same period

 ((Reuters Messaging: sharnya.g.thomsonreuters.com@reuters.net))