Bharat Heavy Electrical (BHEL) and Axis Bank have plunged almost 5% each after foreign brokering houses downgraded and cut their target price of these stocks.
JP Morgan downgraded downgraded BHEL to "underweight" from "neutral" and lowered its target price to Rs 185 from Rs 200, citing prospect of capacity under utilization and pricing pressure on new orders, the Reuters report suggests.
Morgan Stanley downgraded Axis Bank to "underweight" from "equal weight" and cut its target price on the stock to Rs 800 from Rs 900, citing rising impairments. The investment bank expects the impaired loan formation of Axis Bank to rise to 4% of total loans in FY14, added report.
Axis Bank has tanked 5% to Rs 929, while BHEL slipped 4.8% at Rs 208 on the National Stock Exchange.
