Jayant Agro-Organics shares fall 5% after CRISIL rating downgrade

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Jayant Agro-Organics share price fell more than 5 percent intraday on February 20 after CRISIL downgraded the company's long-term credit rating, citing fall in castor seed price.

The stock touched a 52-week low of Rs 88.75, falling 40 percent in the last six months. It was quoting at Rs 91.25, down Rs 2.50, or 2.67 percent, on the BSE at 1150 hours.

CRISIL downgraded the long-term rating to BBB+ from A- earlier and also revised outlook to negative from outlook.

It also downgraded the short-term rating to A2 from A2+.

"The rationale for rating states that the revision in the credit rating is due to sharp decline in the prices of castor seeds (major raw material for the Jayant group)," the company said in its BSE filing.

However, the ratings continue to reflect Jayant group's leadership in the castor oil-based derivatives businesses and extensive industry experience of the promoters, it added.