Sharp earnings downgrades for Dr Reddy's, Zee Entertainment and IOC

Among other Nifty companies, ZEEL has seen an earnings cut of over 8%

The ongoing earnings season for the September quarter has led to sharp earning downgrades for a clutch of Nifty companies. For example, Indian Oil Corporation (IOC) and Dr Reddy's Labs have seen analysts cut their earnings estimates for 2019-2020 by 16 per cent and 11 per cent, respectively. In the case of Axis Bank and IndusInd Bank, the cut has been between 5 and 7 per cent. Among other Nifty companies, Zee Entertainment (ZEEL)  has seen an earnings cut of over 8 per cent. However, some companies have also seen earning upgrades. JSW Steel has seen analysts raise earnings estimates