India's Jain Irrigation plunges to 15-year low after rating downgrade

Jain Irrigation Systems

17/10/2019 06:50

** Shares of Jain Irrigation Systems Ltd  JAIR.NS  fall as
much as 9% to 11.65 rupees, lowest since May 2004
    ** Fitch Ratings on Wednesday downgraded the India-based
micro-irrigation company's long-term issuer default ratings
 urn:newsml:reuters.com:*:nFitT6Cf9
    ** The downgrade follows the company's payment default on
working capital debt, following which the lenders are pursuing
an out-of-court debt resolution process, the rating agency said
    ** About 2.7 mln shares change hands vs 30-day avg of about
2.1 mln
    ** Stock down 81.7% this year as of last close

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; ( +91 8067496031); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))