MEP Infra rating takes a toll
By
Ruma Dubey
about 5 years ago
Last Friday, on 23rd , MEP Infra hit a new 52-week low at Rs.24.90 and today it has been in the red, currently at its intraday low at Rs.28.40, a fall of 5%.
Yesterday, after the market closed for trading, rating agency, ICRA issued a report stating that it has withdrawn the rating for MEP Infra's bank limit of Rs.50 crore.
ICRA said, “the company's Non-Fund based Limits of Rs.50 crore has been downgraded to ICRA A4+from IICRA 3 and subsequently withdrawn.”
The company cited the reason for revision in rating as provided by the rating agency is on account of slower than anticipated progress in the six under-construction hybrid annuity mode (HAM) road portfolio.