Titan shares plunge 6% on low YoY revenue, HSBC downgrade
Updated : October 09, 2019 10:42 AM IST
The company said that though its retail sales grew by 7 percent in the second quarter, the revenues declined 2 percent YoY in Q2 "substantially due to adverse impact of the hedges matured during the quarter”.
HSBC Research slashed its target price on the company to Rs 1,410 from Rs 1,450 per share while maintaining a 'buy' call.
Bhaskar Bhat has retired as the managing director of the firm and C.K. Venkataraman, who has been the CEO of Jewellery business since 2005, will take over the MD's position.