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Last Updated : Sep 30, 2019 11:41 AM IST | Source: Moneycontrol.com

Peninsula Land slips 4% on rating downgrade

The rating of the company's Non-Convertible Debenture worth Rs 90 crore has been downgraded to BWR BBB-.

 
 
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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.

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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.

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First Published on Sep 30, 2019 11:41 am
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