Credit Analysis & Research (CARE) has downgraded rating of Ess Dee Aluminium (EDAL) after taking in to account the ongoing delays in debt servicing owing to the strained liquidity position. 

The rating agency has downgraded the company's fund-based long term bank facilities worth Rs 1.80 billion and long term non-convertible debenture to D from BBB- each.

Also, CARE has downgraded rating for non-fund-based short term bank facilities worth Rs 3.35 billion to D from A3.

'The revision in the ratings of EDAL takes in to account the ongoing delays in debt servicing owing to the strained liquidity position,' said CARE Ratings.

EDAL is engaged in manufacturing of aluminium foil based high-end packaging solutions for pharmaceuticals, FMCG and confectionery industry. The company has pioneered manufacturing of dedicated high end pharma packaging products like cold form blister and child-resistant-blister packaging in India.

Shares of the company declined Rs 34.8, or 16.91%, to trade at Rs 171.00. The total volume of shares traded was 530,026 at the BSE (12.36 p.m., Friday).