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Jain Irrigation System shares tank on rating downgrade

Jul 30, 2019 12:24 IST

Jain Irrigation Systems on Tuesday plunged over 14% in trade after global rating agency Fitch Ratings downgraded its long-term issuer default rating to 'CCC-' from 'B-'. The scrip traded at 19.80 per share at 1:40 pm at the national stock exchange. Fitch had earlier downgraded the firm's stock from 'B+' to 'B-' on concerns around debt levels and aggressive growth pursued by the company. The rating agency had also put the micro-irrigation company ratings under 'rating watch negative'.

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