It said the company was in the process of signing a new contract with Khan's charitable foundation and was negotiating the terms. NEW DELHI: NEW Delhi: Shares of Mandhana Industries restricted a free fall and rose 5 per cent in Monday's trade as reports suggested that rating agency Care has downgraded the company's long-term debt to 'default'.The stock, which had fallen for 26 consecutive sessions starting July 17, recovered from its 52-week low of Rs 46.90 hit on Friday. The stock got locked in the upper circuit limit of 5 per cent at Rs 51.80.The company has an association with Bollywood actor Salman Khan 's charitable trust, Being Human Rating agency Care has revised its rating for non-convertible debentures to CARE C. "For long-term and short-term banking facilities, it stands at CARE D," the company informed stock exchanges on Monday.Recently, there were speculations that the company was having differences with the actor over the profit sharing for selling his branded clothing line.Mandhana recently announced that it would shortly de-merge its retail business as Mandhana Retail Ventures.

Source: Economic Times July 25, 2016 06:39 UTC