PC Jeweller's shares fell nearly 19 percent on Monday, hitting an intra-day low of Rs 47.65. The small-cap jewellery stock declined for the third straight session as rating agency CRISIL downgraded its bank loan facilities.
The downgrade comes as the company's balance sheet saw a rise in receivables as on March 31, as against the management's stance of reducing the total receivables, CRISIL said.
The jewellery maker's long-term rating has been cut to 'BB+/Negative' from 'BBB+/Negative', while the short-term rating has been slashed to 'A4+' from 'A2'.
In the last three sessions, PC Jeweller has fallen 20 percent, continuing its bearish trend from the last one year.
Since January this year, the stock is down almost 43 percent, while it declined over 50 percent in the last one month alone.
The five-year return on PC Jeweller is negative, with the stock down by over 14 percent. During the same period, the Sensex has returned more than 53 percent.
At 2.27 pm, the shares quoted at Rs 49.60, down by 15.36 percent on the NSE.
Meanwhile, the broader NSE Nifty50 declined over 113 points, or 0.96 percent, trading at 11,709.
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