NEW DELHI: Shares of
Nestle India tanked 5 per cent in Wednesday s trade after a host of brokerages changed their stance on the stock following a less-than-expected December quarter results.
Foreign brokerage JP Morgan downgraded the stock to Neutral from Overweight on unexciting December quarter results while also lowering margin expectations. This brokerage sees the stock at Rs 17,700. Credit Suisse has downgraded the scrip to Neutral and has a target of Rs 17,800 on it. Jefferies also has downgraded the stock to Hold with a target of Rs 19,000. CLSA has retained its outperform rating on Nestle but has reduced its target to Rs 19,000 from Rs 19,400 earlier. HSBC, meanwhile, has maintained its buy call on the stock with a target of Rs 20,000. The stock fell 5 per cent to hit a low of Rs 16,360 on BSE.