Fedders Electric tanks 46% in 6-days as CARE revises credit rating

The stock hit 52-week low of Rs 28.85, falling 46% in past six trading sessions from Rs 53.60 on June 21, 2018.

Shares of Fedders Electric and Engineering (formerly Fedders Lloyd Corporation) are locked in their lower circuit of 10% at Rs 28.85 per share, extending their decline on the BSE in the past five days, after the rating agency CARE Ratings revised the rating of the long and short term bank facilities of the company.

The stock trading at its 52-week low price has tanked 46% in past six trading sessions from Rs 53.60 on June 21, 2018.

CARE has revised rating of Fedders Lloyd Corporation’s long term bank facilities worth Rs 4.60 billion to ‘D’ from ‘BB’. The