New Delhi : S&P Global Ratings on Thursday downgraded ratings on ANI Technologies, which operates OLA Cabs, to vulnerable to nonpayment status 'CCC' with negative outlook, saying the company faces heightened risk of a covenant breach as its cash buffer diminishes.

Cash and equivalents of ANI Technologies (ANI Tech) are "estimated to fall below Rs 2.0 billion (Rs 200 crore) in the fourth quarter of fiscal 2026 (year ending March 2026) amid ongoing operating losses," S&P Global Ratings said in a statement.ANI Tech faces a heightened risk of a covenant breach as its cash buffer diminishes, it noted. Read Also 'Don't Slow Down Mumbai': Mumbaikars Outraged Over Rapido, Ola FIR; #MumbaiNeedsBikeTaxi Trends On...

The ratings agency further said, "ANI Tech will likely breach its financial co

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