Pratibha Industries, witnessed a fall in share price on Wednesday after CRISIL has downgraded its ratings on the bank facilities of Pratibha Industries to 'CRISIL BB+/Negative/ CRISIL A4+' from 'CRISIL BBB/Negative/CRISIL A3+.
The rating downgrade reflects the expectation of continuing pressure on the Pratibha Industries group's financial risk profile, even after taking into account the group's deleveraging plans in the near to medium term. The group's financial risk profile is marked by substantially high gearing and modest debt protection metrics.
CRISIL believes that the improvement in the group's capital structure will be gradual, given its large working capital requirements; and hence the group's gearing and debt protection metrics will remain modest in the near to medium term.
Shares of tha company are trading at Rs 48.70, down Rs 2.55, or 4.98% at the Bombay Stock Exchange (BSE) on Wednesday at 10:51 a.m.
The scrip has touched an intra-day high of Rs 50.10 and low of Rs 46.25. The total volume of shares traded at the BSE is 276,631.