Moneycontrol Bureau
Shares of Ess Dee Aluminium (EDAL) plunged more than 15 percent intraday Thursday after rating agency CARE revised rating on bank facilities to default.
CARE has revised rating for fund-based long term bank facilities worth Rs 180 crore and long term non-convertible debenture to D from BBB- each. It also revised rating for non-fund-based short term bank facilities worth Rs 335 crore to D from A3.
"Revision in ratings of Ess Dee Aluminium takes in to account ongoing delays in debt servicing owing to strained liquidity position," the rating agency reasoned.
The company is engaged in manufacturing of aluminium foil based high-end packaging solutions for pharmaceuticals, FMCG and confectionery industry.
EDAL reported a profit of Rs 30.38 crore in FY15, declined from Rs 50.22 crore in preceding year. Total operating income during the period increased to Rs 776.80 crore from Rs 674.96 crore.
Its debt stood at Rs 460.77 crore for financial year 2014-15 against Rs 422.36 crore in previous year.
At 11:18 hours IST, the scrip of ESS DEE Aluminium was quoting at Rs 224.70, down Rs 31.10, or 12.16 percent amid high volumes on the BSE.
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