Shares of Titan Company opened more than 3 percent lower as brokerages downgraded the ratings of the scrip.
At 0921 hours, the stock was quoting at Rs 800, down by Rs 24.50 or 3 percent from previous day’s close.
#CLSA said the company has better fundamentals but uncertainty will weigh on the stock. The brokerage house downgraded the rating from Outperform to Sell.
It also lowered target price from Rs 1,050 to Rs 720. Titan Company Company has retained its 25 percent guidance for the rest of FY19. The house said growth concerns exist after the company missed its Q1 guidance.
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