Gail shares slump nearly 12% after CLSA downgrades rating to 'underperform'
Updated : June 06, 2019 03:43 PM IST
Shares on GAIL India fell nearly 10 percent on Thursday after global brokerage firm CLSA downgraded the stock to 'underperform' from 'buy'.
The brokerage also reduced its target price to Rs 365 from Rs 420 per share earlier.
According to CLSA, the much-awaited tariff revision for Gail’s HVJ and HVJ upgradation pipeline proved to be a big disappointment.
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