The stock of Jindal Steel & Power Ltd (JSPL) today slumped by over 6 per cent amid concerns over the company's debt situation.
The scrip, which opened at Rs 64.40, tumbled 6.34 per cent to close at Rs 59.10 on BSE. It touched an intra-day low of Rs 58.30.
The company's shares took a beating on the NSE as well. The scrip dropped by nearly 6 per cent to end the day at Rs 59.60.
It touched an intra-day low of Rs 58.30 on both the exchanges.
Rating agency Crisil has downgraded JSPL and assigned a negative outlook.
The company, which is into diverse segments including steel, cement and power, has significant debt.
In an investor presentation on its latest third quarter results, the company said the focus would be on reducing working capital -- receivables and inventories -- as well as explore options to reduce interest costs.
