Fitch’s assessment implies liquidity issues in the company due to which it believes that default is inevitable.
Prior to this, Fitch had downgraded BILT from ‘B-‘ to ‘CCC’ in January 2017. While referring to the reasons for downgrading, Fitch had given reasons of inadequate working capital and liquidity concerns in the company.
The stock of Ballarpur Industries Limited is trading in red on Tuesday. The stock is trading close to its 52 week high of Rs 20.9 per share.
Other paper stocks are trading in negative territory on Tuesday.
Ballarpur Industries Ltd is currently trading at Rs 19.35, down by Rs 0.45 or 2.27% from its previous closing of Rs 19.8 on the BSE.
The scrip opened at Rs 19.65 and has touched a high and low of Rs 19.85 and Rs 19.15 respectively. So far 875514(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1297.89 crore.
The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 20.9 on 16-Mar-2017 and a 52 week low of Rs 12.26 on 18-Mar-2016. Last one week high and low of the scrip stood at Rs 20.9 and Rs 18.55 respectively.
The promoters holding in the company stood at 49.43 % while Institutions and Non-Institutions held 22.95 % and 27.63 % respectively.
The stock is currently trading above its 50 DMA.