MUMBAI (Reuters) - Morgan Stanley downgraded Hindustan Unilever Ltd to 'underweight' from 'equal-weight', citing disappointing October-December volume growth and the impact on earnings from its hike in royalty payments.
Morgan Stanley also cut its price target to 405 rupees from 510 rupees. A slew of other banks have also cut their ratings on Hindustan Unilever after its quarterly results on Tuesday.
Hindustan Unilever shares were down 5.3 percent as of 0348 GMT.
(Reporting by Rafael Nam; Editing by Anand Basu)