Eros International Media share price tanked in trade today after rating company CARE cut its long-term bank facilities rating to default from BBB- on delay in debt servicing. Eros International share price tanked 20% to 53.10 level in trade today compared to the previous close of 66.35 level on BSE.
Eros International share price's intra day low is also the fresh 52 week and all-time low for firm on BSE.
Eros International share price has been losing for the last two days and fallen 20.03% in the period.
Eros International share price opened 14.09% lower at 57 level and subsequently hit the lower circuit limit of 205 in trade today.
There are only sellers and no buyers for the stock in trade today.
The stock has lost 60% during the last one year and fallen 40% since the beginning of this year.
In a communication to BSE, Eros said the ratings for long-term bank facilities for term loan of Rs 300 crore have been revised to default from the earlier rating of CARE BBB- (stable outlook).
Ratings for long-term bank facilities for cash credit of Rs 263 crore have also been revised to default from CARE BBB- (stable outlook). Similarly, for short term bank facilities of Rs 187 crore too, the rating has been revised to default from A3.
Edited by Aseem Thapliyal