McLeod Russel India shares hit record low; co defaults on repayment

McLeod Russel India

05/07/2019 05:49

** Shares of tea manufacturer McLeod Russel India Ltd
 MCLE.NS  fall as much as 4.8% to a record low of 12.95 rupees  
    ** Yes Bank  YESB.NS  on Thursday acquired 9.47% stake in
Eveready Industries  ERDY.NS  by way of invocation of shares
pledged by co  urn:newsml:reuters.com:*:nFWN24509I
    ** Acquisiton follows Co defaulting on repayment of credit
facilities sanctioned by Yes Bank 
    ** Rating agency ICRA Ltd  ICRA.NS  on Wednesday https://www.bseindia.com/xml-data/corpfiling/AttachLive/1368a3cd-8d0b-4c68-9c31-5fcae4950620.pdf
 downgraded the credit rating for the long-term borrowing
program and short term rating of co 
    ** Stock on track for its fifth straight session of declines
    ** As of last close, McLeod shares fell 89%, while peer Tata
Global Beverages  TAGL.NS  rose 23% during same period

 (Reporting by Harish Bhaskar in Bengaluru)
 ((Harish.Bhaskar@thomsonreuters.com; +91 9886782831; Reuters
Messaging: harish.bhaskar.thomsonreuters.com@reuters.net))