Stocks

Jindal Steel falls on credit rating downgrade

Reuters | Updated on January 19, 2018 Published on February 16, 2016

Jindal Steel shares fell nearly 2 per cent today on credit rating downgrade.

The stock fell as much as 1.82 per cent as local ratings agency Crisil has downgraded JNSP’s credit to A4+ from A3+. It has also given a negative outlook.

JNSP’s long-term debt stood at Rs 34,976 crore ($5.14 billion) at the end of Sept quarter.

Earlier this month, India had set the floor price for steel imports to stem flow from China.

JNSP shares were down 34.4 per cent this year as of Monday’s close.

Published on February 16, 2016
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