Market Brokerages hand out earning downgrades for quality stocks: Time for investors to exit? Updated : November 21, 2018 02:33 PM IST If we look at India’s top 200 companies in the S&P BSE 200 index, as many as 68 percent saw an earnings downgrade, while only 29 percent of them saw an earnings upgrade for FY19, said a report. Earnings upgrades were mainly seen in IT and pharma helped by the rupee depreciation, while major downgrades were in auto, telecom, cement and select financials. The slowdown in festive demand, rise in crude oil prices dented sentiment in auto space, while for telecom, rise in competition from Reliance Jio weighed on ARPUs, suggest experts. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.