Kesoram Industries shares fell 3 percent after CARE revised its rating on company's banking facilities and promoter created an additional pledge on shares.
The stock was quoting at Rs 72.80, down Rs 1.05, or 1.42 percent on the BSE, at 1036 hours IST.
"The company's rating pertaining to that portion of its long term/short term banking facilities as have been assigned to CARE Ratings Limited for rating has been revised to BB+/ A4+ (under credit watch with developing implications)," Kesoram said.
In addition, promoter entity Manav Investments & Trading Company created an additional pledge on 43.25 lakh shares (representing 3.03 percent of total paid-up equity) with IndusInd Bank on March 14, the company said in its filing.
Now its (Manav's) total encumbered shares increased to 16.64 percent against its shareholding in the company of 23.82 percent.
The stock has fallen more than 40 percent in the last one year but has rallied 21 percent in last one month.
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