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Shares of tea manufacturer McLeod Russel India today fell as much as 4.8% to a record low of ₹12.95
Yes Bank on Thursday acquired 9.47% stake in Eveready Industries by way of invocation of shares pledged by the company. The acquisition followed the company defaulting on repayment of credit facilities sanctioned by Yes Bank.
Read more: YES Bank acquires 9.47% in Eveready after group co, McLeod, defaults on repayment
The rating agency ICRA on Wednesday downgraded the McLeod’s credit rating for the long-term borrowing programme and short term rating.
The stock is on track for its fifth straight session of declines. As of last close, McLeod shares fell 89%, while peer Tata Global Beverages rose 23% during same period.
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