Large companies such as JSW Steel Ltd, Tata Power Ltd and Piramal Enterprises Ltd are among at least 328 firms that have applied for a loan moratorium, data compiled by rating agency Icra Ltd showed.
Most of the applicants have a relatively safe credit rating of AA, or lower. While some companies could be facing liquidity issues due to the ongoing nationwide lockdown—which has brought economic activity to a near-standstill—others may be simply looking to conserve cash as they brace for tougher months ahead, said Icra. “These companies believe that preserving liquidity is better till the time there is clarity on fresh funding and sanctioning.