Meanwhile, the BSE Sensex was up 246.05 points, or 2.91%, to 8,697.06.

On BSE, 89,610 shares were traded in the counter. The stock had an average daily volume of 1.90 lakh shares in the past one quarter.

The stock hit a high of Rs 34.65 so far during the day. The stock hit a low of Rs 29 so far during the day, which is a 52-week low for the counter. The stock has a 52-week high of Rs 469 on 13 December 2007.

The small-cap stock had underperformed the market over the past one month till 20 November 2008, declining 48.81% as compared to the Sensex's decline of 17.33%. It had also underperformed the market in the past one quarter, declining 70.68% as compared to the Sensex's decline of 42.42%.

The company's current equity is Rs 56.75 crore. Face value per share is Rs 5.

The current price of Rs 29.80 discounts the company's Q2 September 2008 annualized EPS of Rs 8.57, by a PE multiple of 3.48.

Fitch attributed the rating downgrade to the company's weaker-than-expected operating results and higher financial leverage levels than previously anticipated due to the downturn in the real estate market. The negative outlook on the rating reflects the company's reduced liquidity position, with the company facing significant maturities during the year ending March 2009 amid a difficult credit market, resulting in increased refinancing risk, it said.

The company's gross debt has increased substantially to Rs 1,090 crore in 2007-08 from Rs 470 crore a year ago.

Ansal Properties & Infrastructure's net profit fell 52.8% to Rs 24.33 crore on 47.6% fall in net sales to Rs 131.02 in Q2 September 2008 over Q2 September 2007.

The company is engaged in promotion and development of real estate, township development, construction of retail shopping malls, hospitals, hotels & clubs.