India Ratings has downgraded MVL Long-Term Issuer rating to 'D' from 'BB-'. The agency has also downgraded MVL's Rs 1,334 million long-term bank loans to Long-Term 'D' from 'BB-'.

The downgrade reflects MVL's inability to service debt obligations. MVL is currently negotiating with its bankers for restructuring the loan repayment schedule.

Shares of the company gained Rs 0.12, or 4.84%, to trade at Rs 2.60. The total volume of shares traded was 145,016 at the BSE (3.30 p.m., Monday).