The media entertaiment firm had tapped a credit line of Rs 750 crore through a combination of long-term and short-term bank loans, and other forms of bank credit.
"CARE had interacted with EIML's bankers and had obtained ‘Default if any’ statements from the company which mentioned delays/default in debt servicing (both principal and interest) in the terms loans availed by the company," a statement from the company said, adding that the ratings agency had also obtained statements regarding delay in servicing interest on cash credit and packing credit for more than 30 days, and a delay of more than 30 days in payment of bills.
Thus far in the current calendar year 2019, Eros has seen its market value plunge 39 per cent, as compared to an 11 per cent rise in the S&P BSE Sensex.
In CY18, it tanked 56 per cent against a 6 per cent gain in the benchmark index.
The stock was listed on the bourses in November 2010 and touched an all-time high of Rs 644 on July 20, 2015, on the BSE in intra-day trade.
Till 10:07 am, a combined 5,08,988 shares had changed hands and there were pending sell orders for 1.37 million shares on the BSE and NSE, the exchanges' data showed.