Sintex shares down on FCCB conversion

Sintex Industries8217; shares fell over 12 per cent on market concerns that 225 million of FCCBs,due for redemption in March 2013 in a depreciating rupee environment,could impact the firm8217;s growth. We could see mark-to-market losses on translation of net foreign exchange liabilities,which are currently non-cash and are not built into our estimates,Goldman Sachs said in a note. If USD/INR stays at current levels,we expect a gross impact of around 400-500 million rupees on earnings,the investment bank added. Sintex shares have fallen 21 per cent in three trading sessions since Sept. 27. At 11.37 a.m.,shares were at 112.75 rupees,down 11.36 per cent.