CARE Ratings has revised Walchandnagar Industries' long-term and short-term facilities worth Rs 1,397 crore to D (default) after it observed delayed servicing of debt, involvement in its letter of credit (LC) and overdrawls in cash credit limit, said analyst Aditya Acharekar. Walchandnagar is faced with a liquidity crunch on delay in realisation from two of its customers, he added.But he added that the company has already taken measures to take care of its financial situation. Watch video for more details
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