HDIL asks CARE to review downgrade,shares slump

Housing Development and Infrastructure Ltd HDIL said on Wednesday it had asked a local credit agency to review a ratings downgrade that had sent its shares tumbling.

Credit Analysis and Research Ltd CARE downgraded HDIL8217;s debt ratings in a report dated Wednesday,citing 8220;ongoing delays in servicing8221; some debt obligations.

8220;The company has not accepted the said rating assigned by CARE and would like to reiterate the company8217;s strong financial and operational performance and sound fundamentals,8221; HDIL said in a statement.

The real estate developer did not mention its debt repayments.

Shares in HDIL were down 16.7 percent as of 12:32 pm.