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Jet Airways declines 5% on ICRA downgrade

Jet Airways has dipped nearly 5% to Rs 232 in early morning deals on BSE on reports that the credit rating agency Icra has downgraded the company’s loan ratings from “”BB” to “D”. Instruments with “D” rating are in default or are expected to be in default soon.

The agency has brought the airline’s long-term and short-term loans and fund- and non-fund based limits amounting to Rs 7,460 crore under this rating, the Business Standard report suggests.

The stock opened at Rs 238 and touched high of Rs 239 on BSE. A combined 553,363 shares changed hands on the counter so far on BSE and NSE.

Meanwhile, the stock has underperformed the market by falling 21% so far in current calendar year 2014 compared to 25% rise in benchmark S&P BSE Sensex.


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