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