Power producer NTPC falls 0.8% to Rs 149.30 after Jefferies downgrades the stock to "underperform" from "hold," and cuts its target price to Rs 125 from Rs 175.
The brokerage says NTPC's cut in its planned capex addition because of delays in coal availability and environmental clearances will bring down five-year compound annual growth rates to an expected 10% from 15%.
NTPC's posted on Thursday a decline of 6.8% in its Jan-March net profit.