(Photo: iStock)
(Photo: iStock)

Eros hits 20% lower circuit after default rating by CARE

  • The stock touched an all time low of 53.10 on BSE
  • Rating agency has cut Eros International’s short-term bank facilities to D from A3

Mumbai: Shares of Eros International Media Ltd on Thursday slumped 20% lower circuit to hit a record low after rating firm Care has cut its long term bank facilities rating to Default from BBB- after delay in debt servicing.

The stock touched an all time low of 53.10 on BSE from its previous close of 66.35 a share. Year to date, the stock is down nearly 40%. India's benchmark Sensex fell 0.3% to 39968.97 points.

The rating firm cited default rating due to a slowdown in the collection from debtors, leading to cash flow issues in the company.

Rating agency also cut Eros International’s short-term bank facilities to D from A3 and long-term cash credit bank facilities to D from BBB-.

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