Eveready battery arranged for a photograph in Mumbai. (Photographer: Vishal Patel/BloombergQuint)
The market value of Eveready Industries (India) Ltd. plunged by three-fourths in 15 months as India’s largest maker of dry and flashlight batteries struggled to fend off competition from cheaper imports and its debt rose.While the company generates almost nothing in cash, its plan to sell land in Chennai to repay debt is yet to fructify. That prompted India Ratings & Research Ltd. to downgrade the company’s long-term debt.Shares of t...