Shares of Jain Irrigation System Limited continue fall for the 4th session in a row on Wednesday mid-session after India Ratings&Research downgraded Jain Irrigation’s Long-Term Issuer Rating to IND BBB from IND A-minus.
The stock was trading 22.81% lower at Rs21.15 per share on the NSE through midsession. The Stock hit a new 52-low level at Rs.20.20 on NSE at intraday.
The stock has been surfacing lower circuit from the previous four trading sessions. In last 30-days, the stock slipped about 58pc, and, in last one year, the stock declined 78pc.
The rating agency said the downgrade reflects weakening in the liquidity status of the company due to a delay in the realization of its receivables from its MIS segment.
The shares touched an intraday high of Rs26.20, from its previous closing of Rs27.40 on the NSE. It also touched intraday low level at Rs20.20. At 1.25pm, the stock was trading lower by 22.81% or Rs6.25 at Rs21.15-per share. In comparison, the NSE Nifty stood at 11709-level up 17.60-points and the Sensex quoted at 39149-level up 102.89 points.
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