Citi downgrades Hindalco to 'sell'

Last Updated: Mon, Oct 08, 2012 10:05 hrs

Shares in Hindalco Industries fall 3.2 percent to 121 rupees after Citigroup downgraded the non-ferrous metals producer to 'sell' from 'buy' and cut its target price to 118 rupees from 164 rupees.

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.

More from Sify: