Icra expects year-on-year credit growth to decline to 6.2-6.8 per cent in FY20 from 13.5 per cent in the last financial year.
Going forward, the olefins cycle is likely to decline further and that in turn would lead to subdued returns, they added.
Grant Thornton was asked to review ratings provided by various credit rating agencies (CRAs) to IL&FS group companies.
The agency appointed T N Arun Kumar, currently executive director of ratings, as interim CEO.
The scrip dropped 5.23 per cent to close at Rs 3,050.10 on BSE. During day, it tanked 8.83 per cent to Rs 2,934.
DHFL only been able to make a 40 per cent payment on unsecured commercial papers due on Tuesday.
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