Shares of India’s second largest carmaker closed at Rs 412.2, down 4.84% on the NSE.
HSBC and Kotak Institutional Equities downgraded the inventory to ‘Maintain’ and ‘Add’ and lower goal worth by 10-11% over 12 months. JP Morgan, which had downgraded the inventory a month again, retained its advice however lower the goal worth by one other 10% to ₹410 per share. It maintains a bearish view amongst most analysts who revised their scores after second-quarter earnings, knowledge from Bloomberg confirmed.
Out of 34 analysts, 25 have a optimistic outlook on the inventory, whereas six stay impartial and three of them are bearish. General, the inventory worth is anticipated to succeed in Rs 501.17 throughout the 12 months, an upside of 21.6% from present ranges, in line with a Bloomberg ballot of analysts.