Crompton Greaves down over 2% as Jefferies slashes its target price

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Crompton Greaves down over 2% as Jefferies slashes target
Shares of Mumbai-based electronic product manufacturer Crompton Greaves fell over 2 per cent in early trade on Bombay Stock Exchange (BSE) after brokerage firm Jefferies slashed its target price to Rs 75 from Rs 82, citing subdued margin profile and ROEs.

The brokerage firm, however, maintained its Underperform rating on the company.

Weighed down by development, shares of company declined as much 2.37 per cent to trade at Rs 84.40 a piece on the BSE.

In a similar fashion, shares of the company were trading at 84.65 a piece, down 1.86 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 19,140.74, down 82.54 points or 0.43 per cent at 10:05 hours.

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Story first published: Wednesday, June 19, 2013, 12:33 [IST]
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