IL&FS group shares locked in lower circuit; ITNL, IL&FS Engg fall 10%

Shares of three listed IL&FS group companies are locked in their respective lower circuits on the BSE after the rating agency Brickwork Ratings downgraded the rating for the non-convertible debentures (NCDs).

IL&FS Engineering and Constructions (IECCL) and IL&FS Transportation Networks (ITNL) are frozen 10% lower circuits at Rs 22.70 and Rs 27.25, respectively, while IL&FS Investment Managers down 5% at Rs 9.81 on the BSE. There were only sellers seen on these counters. In comparison, the S&P BSE Sensex was trading 0.79% lower at 34,105 at 09:38 am.

In last week, all these stocks had outperformed the market by surging up to 90% after the government took control of infrastructure financier Infrastructure Leasing & Financial Services (IL&FS).