The scrip declined 9.67 per cent to hit a low of Rs 1,160 on BSE, as a host of brokerages cut their price targets on the counter.
Goldman Sachs maintained neutral rating on the stock with a revised target of Rs 1,083 from Rs 1,108 earlier.
Credit Suisse’s target of Rs 1,110 factors in 8-10 per cent cut in FY20-22 earnings estimates. Besides, Phillip Capital has cut price target on the stock to Rs 1,125 from Rs 1,165.
CLSA even downgraded the stock to sell with a fresh target of Rs 1,025. The most bullish among all — UBS maintained a buy call on the stock with a revised target of Rs 1,525. It had a target of Rs 1,600 before.
Analysts have largely cut their FY20 earnings forecast for the Tata Group firm by 4-10 per cent.
Publicly available data with Reuters suggests a number of brokerages recommending ‘outperform’ on the stock has fallen to ‘nine’ compared with 17, three months ago. Brokerages recommending ‘Hold’ rating on the stock has climbed to 10 from just 4 a month ago and 3 three month ago.
Source Name – Economic Times – Retail