(Corrects to insert dropped word "not" in paragraph 4)
MUMBAI, March 20 (Reuters) - India's Housing Development and
Infrastructure Ltd (HDIL) said on Wednesday it had
asked a local credit agency to review a ratings downgrade that
had sent its shares tumbling.
Credit Analysis and Research Ltd (CARE) downgraded
HDIL's debt ratings in a report dated Wednesday, citing "ongoing
delays in servicing" some debt obligations.
"The company has not accepted the said rating assigned by
CARE and would like to reiterate the company's strong financial
and operational performance and sound fundamentals," HDIL said
in a statement.
The real estate developer did not mention its debt
Shares in HDIL were down 16.7 percent as of 0702 GMT
(Reporting by Aditi Shah; Editing by Miral Fahmy)