Shares in Hindalco Industries fell 3.2% to Rs 121 after Citigroup downgraded the non-ferrous metals producer to 'sell' from 'buy' and cut its target price to Rs 118 from Rs 164.
Citigroup says Hindalco has not been immune to macro headwinds or oversupply, and also cites rising costs for fuel/power, slower clearances that are making project economics less viable, and an appreciating rupee among factors behind the downgrade.
