Capacite Infraprojects locked in 20% lower circuit on rating downgrade

Shares of Capacite Infraprojects (CIL) were locked in the lower circuit of 20 per cent at Rs 158.50 on the BSE in Monday’s session after the rating agency India Ratings & Research (Ind-Ra) downgraded the company’s long term issuer rating to ‘IND D’, from ‘IND A’ (Negative Outlook).

Till 10:40 am, around 2 million equity shares had changed hands and there were pending sell orders for 680,000 shares on the NSE and BSE. In comparison, the S&P BSE Sensex was up 0.15 per cent at 55,413 points.

Ind-Ra said the downgrade reflects CIL’s challenges with liquidity, which led to default in the servicing of its debt obligations.