DLF falls; adjusted profit lags estimates

Reuters Market Eye - Shares in DLF Ltd, India's top real estate developer, fall 1.5 percent after its December-quarter net profit lagged estimates when adjusted for 1.92 billion rupees of tax credit.

Consolidated net profit fell 49 percent to 1.45 billion rupees from 2.85 billion rupees a year earlier.

Morgan Stanley downgrades the stock to "underweight" from "equal-weight" and reduces its price target to 125 rupees from 152 rupees, citing weak pipeline of older projects and slow pre-sales in FY13-FY14.

(Reporting by Abhishek Vishnoi)