CARE downgrades Baba Ramdev's Patanjali Ayurved
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Mumbai, Oct. 5 -- Credit rating agency Care Ratings on Saturday downgraded Baba Ramdev-led Patanjali Ayurved Ltd ( PAL) to A- from A+ on concerns over weakening financials. In the rating rationale, Care attributed the company's weakened financial profile to large outflow of funds from the company to Patanjali Consortium Adhigrahan Private Ltd, a special purpose vehicle created for the acquisition of Ruchi Soya industries Ltd, which is into edible oil business.
Last month, Ruchi Soya informed the exchanges that the National Company Law Tribunal (NCLT), Mumbai in its order dated September 6 approved Patanjali's Rs.4,350-crore resolution plan with certain modifications that were accepted by the bidder.
As of March 2019, Patanjali Ayurved h...
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