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    Phoenix Mills shares plunge 15% after CLSA downgrade

    Phoenix Mills shares plunge 15% after CLSA downgrade

    Phoenix Mills shares plunge 15% after CLSA downgrade
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    By CNBC-TV18  IST (Published)

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    The shares of Phoenix Mills Ltd fell almost 15 percent on Monday after the global rating agency CLSA downgraded the stock to ‘Underperform’ from ‘Buy’ with a target price of Rs 850 per share.

    Shares of Phoenix Mills Ltd fell almost 15 percent on Monday after the global rating agency CLSA downgraded the stock to ‘Underperform’ from ‘Buy’ with a target price of Rs 850 per share.
    The stock plunged 14.93 percent to touch intraday low of Rs 639.25 per share as against the previous of Rs 751.50 on the BSE.
    According to CLSA, the mall shutdown after the government order to limit the coronavirus spread could impact the company’s near-term earnings.
    "Overhang on mall consumption due to shutdowns and footfall declined but we remained positive on the company's long-term growth trajectory."
    At 1:05 pm, the stock was trading 7.47 percent lower at Rs 695.35 on the BSE.
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