Talwalkars Group stocks plunge up to 70% in four weeks on ratings downgrade

Talwalkars Healthclubs and Talwalkars Better Value Fitness informed the stock exchanges that they have defaulted on interest payments

Shares of Talwalkars Group companies – Talwalkars Healthclubs (THL) and Talwalkars Better Value Fitness (TBVFL) – were on Friday locked in their respective lower circuits for 12th trading session in a row after various rating agencies downgraded the companies' long-term facilities and debenture issues. The market price of these stocks hit new lows at the bourses today.

“The CARE Ratings and ICRA have revised the ratings of the company due to reduced financial flexibility of THL, TBVFL and its promoters, following the significant decline in the share price of these companies in the last two weeks,” Talwalkars Group companies said