Neogen Chemicals and Ionics ratings downgraded by CRISIL

Rating DowngradedRating Watch NegativeCredit & Debt View source PDF

NEOGEN · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reaction · full curve 14 horizons · vs prior close

+0.4%1-day move

₹2158.60

prior close

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base price

After-mkt

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AI summary

CRISIL downgraded Neogen Chemicals long-term rating to A-/Negative from A/Negative and short-term to A2+ from A1. Its NCDs of Rs 200 crore also moved to A-/Negative. Wholly owned subsidiary Neogen Ionics saw a deeper two-notch cut to BBB+/Negative. Combined bank facilities of about Rs 1,830 crore reviewed. The downgrade is attributed to delays in the battery chemicals project and slow insurance claim receipt.

Likely market impact

Negative for shareholders. Project execution issues and delayed insurance recoveries may raise borrowing costs and signal weaker near-term outlook.