Barring FMCG, most of the sectors like automobile, pharmaceuticals and real estate are sensitive to interest rates and foreign exchange.

 

"As per the accounting rules, the companies have to show, mark-to-market value of their exposures in foreign exchange, which is going to work to the big disadvantage of mostly those with big foreign debts," it said.

With the rupee touching new lows almost daily and having lost about 25% in the last one year, the chamber said that redemption costs of external commercial borrowings have shot up.

"The worst affected balance-sheets would be from the realty sector. They are facing demand slowdown problem, thus, it is becoming very difficult for the realtors to service the debt and would remain a red spot on the quarterly numbers," it said.

It said the problem can be further aggravated if the RBI along with the government do not take steps to arrest the rupee slide.

"We hope the government would bring in some decisive policy measures to send an assuring message to the global investors so that capital outflows are reversed and fresh life is infused into the domestic currency," Assocham said.

However, it said that a positive impact of developments like decline in crude oil prices and other raw materials would be reflected in the second quarter results of companies.

"It would be from the second quarter that the business cycle would show the turnaround mood," it said.

However, at present "we are keeping our fingers crossed and are looking towards the sky for a good monsoon," it added.