Shares of Mandhana Industries, which has an exclusive licence agreement with Salman Khan’s non-governmental organisation called Being Human, plunged 20 per cent today to their 52-week low.
Mumbai-based Mandhana Industries has the global licence to distribute and market Being Human clothing and merchandise.
The stock was locked down in lower circuit, with no buyers on the stock exchanges. Including today’s loss, Mandhana Industries shares have now slumped 36 per cent in two trading sessions.
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The selloff in Mandhana Industries shares is being attributed to a downward rating of the company’s debt by CARE Rating last week.
“The revision in the ratings assigned to the bank facilities and debt instruments of Mandhana Industries Limited (MIL) takes into account its stretched working capital cycle on account of elongation in its receivables position,” CARE said in a statement.
Shares of Mandhana Industries closed 20 per cent lower at Rs 177.95.
Story first published on: June 21, 2016 13:59 (IST)
[“source-ndtv”]
