The rating of the company's Non-Convertible Debenture worth Rs 90 crore has been downgraded to BWR BBB-.
Shares of Peninsula Land slipped 4 percent intraday on September 30 to touch a 52-week low of Rs 3.98 after a downward in the company's credit rating.
The rating of company's Non-Convertible Debenture worth Rs 90 crore has been downgraded to BWR BBB-.
The rating agency said the revision was on account of sluggish demand in the real estate sector and relatively slow bookings and funding risks associated with the company's ongoing projects.
There is a slowdown in the sale and collection of the ongoing projects due to weak economic environment and a delay in obtaining occupancy certificate for one of the projects.At 1116 hours, Peninsula Land was quoting at Rs 3.98, down Rs 0.17, or 4.10 percent, on the BSE.