Future Lifestyle Fashions share slipped over 3% in early trade today after credit ratings agency CRISIL downgraded ratings of the firm. The stock has lost 9.84% in last 3 days. It opened with a loss of 3.13% at Rs 82-also its intra day low-against previous close of Rs 84.65.
Future Lifestyle share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The share has fallen 80% in one year and lost 79.42% since the beginning of this year.
In a month, the share has slipped 25%.
Total 0.20 lakh shares changed hands amounting to turnover of Rs 16.36 crore. Market cap of the firm fell to Rs 1,672 crore.
"CRISIL had downgraded the ratings on account of stretched liquidity position of the company due to slower than expected ramp-up in store revenues, non-availability of additional credit lines due to COVID and increasing company's dependence on restructuring of its debt repayments," company said.
The long-term bank facilities downgraded is CRISIL BBB- (continues on 'rating watch with negative implications'). The rating has been revised from CRISIL A+/Stable.
Short-term rating on bank facilities is CRISIL A3 (continues on 'rating watch with negative implications) which has been revised from CRISIL A1.
Non-convertible debentures (NCDs) rating is CRISIL BBB- (continues on 'rating watch with negative implications'). The rating has been revised from CRISIL A+/Stable.
Benchmark indices turned bullish on Friday after the Reserve Bank of India kept repo rate unchanged at 4 per cent in its Monetary Policy Committee (MPC) meet outcome. Sensex rose 220 points to 40,400 and Nifty gained 55 points to 11,890. Rate sensitives banking stocks led the gains after RBI announced monetary plolicy review.