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TruCap Finance's credit ratings have been significantly downgraded by both Infomerics and CARE Ratings. This follows the company's default on Rs. 72.28 crore in NCD interest and principal payments due July 16. The miss is blamed on a severe liquidity crunch stemming from premature NCD redemptions and delayed funds, including expected capital from the Marwadi Group. This will likely lead to higher borrowing costs, a significant drop in investor confidence, and limited strategic room for TruCap Finance.