HDIL seeks CARE to review downgrade; stock down 18%

Housing Development and Infrastructure Ltd (HDIL) said on Wednesday it had asked a local credit agency to review a ratings downgrade that had sent its shares tumbling.

Credit Analysis and Research Ltd (CARE) downgraded HDIL 's debt ratings in a report dated Wednesday, citing "ongoing delays in servicing" some debt obligations.

"The company has not accepted the said rating assigned by CARE and would like to reiterate the company's strong financial and operational performance and sound fundamentals," HDIL said in a statement.

The real estate developer did not mention its debt repayments.

Shares in HDIL were down 18 percent as of 13:22 p.m.

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