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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Gensol Engineering shares crash 20% after CARE Ratings downgrade
Gensol Engineering plummeted 20% on Tuesday to hit the lower circuit, closing at Rs 413.95 on the BSE, after CARE Ratings downgraded the company’s long-term and short-term bank facilities due to delays in servicing its term loan obligations.
CARE Ratings downgraded Gensol Engineering’s long-term bank facilities worth Rs 639.7 crore to CARE D from CARE BB+ with a stable outlook. The rating agency also lowered ratings on other long-term and short-term facilities worth Rs 76.3 crore to CARE D from CARE BB+ and CARE A4+.
The stock witnessed its sixth straight session in the red on Tuesday. Gensol shares have lost 28.6% over this period and are now down 63% from its peak of Rs 1,124. The stock has declined 62.5% over the past year, 56.13% in six months, and 42.2% in the last month alone.
Technical indicators point to continued weakness, with the stock trading below all key moving averages and its Relative Strength Index (RSI) at 28.4, signaling oversold conditions. The stock is currently trading below all key moving averages—the 50, 100, and 200-DMA—indicating bearish momentum.
The downgrade follows «ongoing delays in servicing the term loan obligation as per feedback from lenders,» CARE said in its note, adding that the action aligns with its default recognition policy. The ratings agency flagged the company's liquidity position as «poor,» citing continued stress in debt servicing.
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