Bharat Heavy Electricals (BHEL) share price was down more than 1 percent in the early trade on November 22 after CRISIL downgraded the company rating.
CRISIL has downgraded the rating on the long-term bank facilities to ‘CRISIL AA’ from ‘CRISIL AA+.
The agency, however, revised the outlook from ‘negative’ to ‘stable’. Also, the rating on the short-term bank facilities has been reaffirmed at ‘CRISIL A1+’.
The revision in rating reflects the company's weaker-than-expected operating performance and the continued decline in net cash levels in the first half fiscal of 2020, the rating agency said.
At 0922 hours, Bharat Heavy Electricals was quoting at Rs 55, down Rs 0.40, or 0.72 percent, on the BSE.
The share touched its 52-week high of Rs 78.75 and 52-week low of Rs 41.35 on April 16, 2019 and October 16, 2019, respectively.
It is trading 30.03 percent below its 52-week high and 33.25 percent above its 52-week low.
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