Shares of PC Jeweller may come under pressure as rating agency Crisil has downgraded its long-term and short-term ratings to the bank loan to Crisil D (default grade). As per the rating rationale, “the downgrade factors in instances of development of Letter of Credits and overutilisation of working capital limits for more than 30 days. The same is reflective of the fact that the liquidity profile of the group has deteriorated in the past few months on account of cash flow mismatches.”