Shoppers Stop has received revision in credit ratings from CARE Ratings as under -

Long term bank facilities (term loan Rs 220 crore) - CARE A+; Negative (revised from CARE AA-; Stable)

Long Term Bank Facilities (fund Based Rs 149 crore) - CARE A+; Negative (revised from CARE AA-; Stable)

Short Term Bank Facilities (non fund based Rs 38 crore) - CARE A1 (revised from CARE A1+)

Proposed Non Convertible Debentures (Rs 100 crore) - CARE A+; Negative (revised from CARE AA-; Stable)

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Shoppers Stop announced the cessation of Rajiv Suri as Managing Director and Chief Executive Officer with effect from 25 August 2020.

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Net Loss of Shoppers Stop reported to Rs 120.25 crore in the quarter ended June 2020 as against net loss of Rs 0.11 crore during the previous quarter ended June 2019. Sales declined 93.50% to Rs 55.55 crore in the quarter ended June 2020 as against Rs 854.02 crore during the previous quarter ended June 2019.

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Shoppers Stop will hold a meeting of the Board of Directors of the Company on 13 August 2020.

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