India's Sterling and Wilson Renewable falls on debt concerns

Sterling and Wilson Renewable Energy

12/10/2023 10:17

** Shares of Sterling and Wilson Renewable Energy  STEN.NS ,
fall 5% to a near three-month low of 298.15 rupees
    ** Stock on track for a second consecutive session of
decline
    ** India Ratings and Research (Ind-Ra) on Tuesday downgraded
STEN's bank facilities ratings to IND D from IND BB-
    ** Downgrade reflects STEN's delays in timely servicing of
its debt obligations in Sept. 2023 due to poor liquidity
situations - Ind-Ra
    ** Adds STEN's operating cash flows would not be sufficient
to meet its debt obligations in October
    ** Stock was most active since July 28 as of 2:33 p.m. IST,
with a trading volume of 1.98 mln shares - LSEG data
    ** Including today's losses, STEN up 13.5% in 2023 so far

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))