Petronet shares slump on broker downgrades

Reuters Market Eye - Petronet LNG shares are down 4.5 percent, heading for a second day of falls on broker downgrades after June-quarter earnings lagged some analysts' estimates.

Credit Suisse downgrades stock to "underperform" from "neutral".

Sustained losses at Kochi terminal make earnings cuts likely, the broker adds.

HSBC has also cut the stock to "underweight" from "neutral", and says gain of 47 percent in 2014 so far captures upside.

The company on Monday said April-June profit fell about 31 percent to 1.57 billion rupees ($25.75 million).

($1 = 60.9800 rupees)

(Reporting by Abhishek Vishnoi)