INSUBCONTINENT EXCLUSIVE:
the December quarter,sparking target price cuts from brokerages and in some cases rating downgrades
The stock plummeted 17.3% to close at ?151.30 on the BSE after falling as much as 22% intraday
With Tata Motors as the worst performer on both benchmarks, Sensex fell 424.61 points or 1.1% to close at 36,546.48 and Nifty declined
target price of ?150.
Phillip Capital cut target price the most, by 31% to ?200 while Nomura, Kotak Institutional Equities, JM Fiancial,
Jefferies, Edelweiss and Citi cut target price by 7-28%
seen target price cuts post third quarter results and some downgrades, there are many brokerages who still have a buy recommendation on it
Phillip Capital said it has maintained buy rating as it sees steps by the company bearing fruit and also because of favourable
valuations.
Kotak Institutional believes that the management is on course to improve operating margins in both standalone and JLR business
led by cost reduction initiatives.
