PC Jeweller continues downtrend for 3rd session, falls 19% after rating downgrade

PC Jeweller's shares fell nearly 19 percent on Monday, hitting an intra-day low of Rs 47.65. The small-cap jewellery stock declined for the third straight session as rating agency CRISIL downgraded its bank loan facilities.

The downgrade comes as the company's balance sheet saw a rise in receivables as on March 31, as against the management's stance of reducing the total receivables, CRISIL said.

The jewellery maker's long-term rating has been cut to 'BB+/Negative' from 'BBB+/Negative', while the short-term rating has been slashed to 'A4+' from 'A2'.