India's IL&FS group stocks sink after ICRA cuts rating, RBI's reported move

IL&FS Investment Managers

10/09/2018 08:20

** Shares of Infrastructure Leasing & Financial Services
group fall around 13 pct after ratings agency ICRA cuts rating
on the parent group's 52.25 bln rupees ($719.50 mln) NCDs to BB,
"under watch for developing actions"
    ** IL&FS Investment Managers  ILFI.NS  falls as much as 15.7
pct to 9.70 rupees, biggest daily pct loss since Apr 2009
    ** IL&FS Transportation Networks  ILFT.NS  crashes over 16
pct to a record low of 25.25 rupees
    ** IL&FS Engineering and Construction Co  ILFE.NS  sinks as
much as 10 pct to an all-time low of 15.25 rupees
    ** RBI initiated special audit on the group, after it
defaulted on repaying about 2.50 bln rupees worth of
inter-corporate deposits to Small Industries Development Bank of
India (SIDBI), BloombergQuint reported https://www.bloombergquint.com/business/2018/09/08/bq-exclusive-rbi-initiates-special-audit-of-ilfs-after-delay-in-repaying-inter-corporate-deposits#gs.QMsyJQI
 on Saturday, citing sources 
    ** Default of payment by co forced SIDBI to approach RBI to
intervene in the matter, reported adds
    ** RBI and IL&FS were not immediately available for comment
on the matter

 ($1 = 72.6200 Indian rupees)

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