(Bloomberg) -- An investor exodus from China Evergrande Group deepened after its bond and stock ratings were cut further, pushing the developer’s shares down toward the 2009 initial public offering price. 

Evergrande’s Hong Kong-traded shares plunged as much as 8.8% to HK$3.53 on Tuesday, close to the HK$3.5 apiece offered in its debut. The stock has plummeted 76% this year, while many of its dollar bonds are hovering below 30 cents. 

Moody’s Investors Service downgraded Evergrande’s credit rating by three notches to Ca, which implies it is “likely in or very near default.” Goldman Sachs Group Inc. cut the stock to sell from neutral, slashing its target price to HK$3 from HK$15.6. 

“Evergrande will have to rely on asset sales or investments from potential investors to generate funds for debt servicing,” Cedric Lai, a senior analyst at Moody’s, said in a statement. “But these fundraising activities entail high uncertainties.” 

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