India Ratings last week downgraded Eveready from AA- to A+ with negative outlook due to continued high net leverage and weakened liquidity. Shares of McLeod Russel have also not been spared, which fell from Rs 75 on Friday to Rs 51 on Thursday. McLeod Russel had suffered a similar rating downgrade a month back with Icra putting it under negative outlook. During fiscals 2019 and 2018, Eveready extended around Rs 134 crore and Rs 76 crore, respectively, of ICDs to its group companies and advances amounting to Rs 75-80 crore were outstanding. The group patriarch has retired from the chairmanship of most of the group entities like Eveready Industries and Mcleod Russel because of his advancing age.

Source: dna May 02, 2019 23:37 UTC