The rating was downgraded despite 25 per cent held by stronger partner Indian Hotels, which operates the company's seven properties in India.
The IIT-Madras alumnus, who moved to Canada for an MBA programme and settled there, is not new to investing in India.
Watsa, who has always believed in founders and management of the companies he invests in, has said that he restarted talks for the Catholic Syrian Bank deal due to CEO C V R Rajendran's initiatives
Its obsession for growth, chasing corporate clients and giving up its original mandate of meeting the needs of local trade and businesses. A quarter of its loan book has gone bad. That's an error of business strategy, points out Tamal Bandyopadhyay.
'It's a toss-up between a fire sale of equity or merger with a strong bank,' points out Tamal Bandyopadhyay.
The S&P BSE Sensex ended down 371 points at 24,966 and the Nifty50 closed 101 points lower at 7,615.
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