27 Sep 2022 , 11:14 AM
According to the rating rationale report, the downgrade reflects the worsening of SIL's liquidity cushion owing to the delay in the management's liquidity infusion plan exacerbated by the high input cost environment, leading to a weak profitability. The management is tying up funds by mid-October 2022 to improve the company’s liquidity position.
Further, the RWN reflects the risks to SIL’s credit profile in case of a delay in the consummation of the transaction. Ind-Ra will continue to monitor the progress and timelines of the transaction, and any further delay would be negative for the ratings, the rating agency said.
At around 11:09 AM, Sanghi Industries Ltd is currently trading at Rs56.10 per share down by Rs2.95 or 5% from its previous closing of Rs59.05 per share on the BSE.
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