IL&FS group stocks fall up to 14 pct after ICRA rating cut

Shares of Infrastructure Leasing & Financial Services (IL&FS) group companies tumbled up to 14 percent Monday after rating agency ICRA downgraded loan and debentures of infrastructure financing firm IL&FS.

IL&FS Transportation Networks slumped 13.79 percent, IL&FS Investment Managers dived 10.99 percent and IL&FS Engineering and Construction Company plunged 6.55 percent on the BSE.

The three stocks hit their respective 52-week lows in intra-day trade.

Rating agency ICRA Sunday downgraded loan and debentures of infrastructure financing firm IL&FS to 'default risk' citing liquidity pressure on the group on the back of sizeable repayment obligations.

The ratings of IL&FS, which has reportedly defaulted on payment, is kept underrating watch with developing implications.

The long-term rating of IL&FS' Rs 5,225 crore non-convertible debenture programme and the Rs 350 crore term loans has been cut to 'BB' from 'AA+'.