Dec 20 (Reuters) - Sri Lankan shares closed lower on Monday, weighed down by losses in industrial and financial stocks, and after ratings agency Fitch downgraded the country"s sovereign rating over the weekend. * The CSE All-Share index (.CSE) ended 0.88% lower at 11,650.10 points. * Conglomerate LOLC Holdings (LOLC.CM) and financial company LOLC Development Finance (LOLD.CM) were the top two drags on the index, falling 1.8% and 4.3%, respectively. * The equity market"s turnover was 5.42 billion rupees ($26.83 million), according to stock exchange data. * Trading volume fell to 239.9 million shares from 314.1 million shares in the previous session. * Foreign investors were net sellers in the equity market, offloading shares worth 104.8 million rupees, as per exchange data. * Fitch on Saturday downgraded Sri Lanka"s sovereign rating to "CC" from "CCC", citing a growing risk of debt default in 2022, despite repeated assurances from the central bank that steps will be taken to meet all repayments. read more * The central bank on Saturday said it "strongly disputes" Fitch"s action and that Fitch demonstrated "its failure to recognise the positive developments taking place in Sri Lanka". * The island-nation reported 551 new coronavirus cases in the last 24 hours, taking the total to 579,685, while deaths rose by 18 to 14,752, data from the country"s health bureau showed. * About 63.34% of the country"s population has been fully vaccinated, according to data from Johns Hopkins University. * For a report on global markets, click ($1 = 202.0000 Sri Lankan rupees) Reporting by Anuron Kumar Mitra in Bengaluru