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Bharat Forge declines on ICRA loan downgrade

Bharat Forge declined 2.5% to Rs 227. The stock touched a low of Rs 219 during the day. The counter clocked a volume of 349,244 shares as against its two-week average traded quantity of 762,305 shares. ___________________________________________________________ Negative view on state-run oil cos: Fitch Jan cement sales in high double-digit Bharat Forge has dropped over 3% after rating agency ICRA downgraded loans of the company. The company today opened at Rs 229 and touched a high of Rs 230. It dipped 4% to a low of Rs 223 and is currently trading at Rs 225 - down 3.5%. However, Bharat Forge has soared 71% in the last month. Around 147,524 shares have been traded so far on the BSE. ICRA has downgraded the long term ratings of the company to LA+ from LAA- to the proposed Rs 350 crore non-convertible debentures programme of the company. The agency has also also assigned a short term rating of A1+ to the Rs 100 crore short-term debt programme of the company.


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