Jain Irrigation plunges 20% after India Ratings cut long term issuer rating

Overall the stock fell 34 percent this week despite the company's clarification on default in debt repayment

Jain Irrigation Systems shares crashed 20 percent intraday to hit a 52-week low of Rs 21.95 on June 19 after India Ratings cut its long term issuer rating.


The stock was quoting at Rs 22.95, down Rs 4.45, or 16.24 percent on the BSE at 1033 hours IST.

The rating agency cut its long term issuer rating to BBB with the outlook at 'Watch Negative'.

Overall the stock fell 34 percent this week despite the company's clarification on default in debt repayment.

"Company has not defaulted on any of its debt obligations. Company is growth-oriented, profit making, dividend paying entity," Jain Irrigation had said on June 13.

It has debt: equity ratio of 1:1.1 and net worth of Rs 4,561 crore (including CCD), it added.

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