Crompton Greaves shares slip as Jefferies cuts target price

MUMBAI: Shares of Crompton Greaves were witnessing profit booking after Jefferies lowered its price target while maintaining underperform rating. The brokerage has cut its target price on the back of company's subdued margin profile and ROEs.

At 09:30 a.m.; the stock was at Rs 85, down 1.68 per cent, on the BSE. It touched a high of Rs 86.05 and a low of Rs 84.40 in trade today.

According to Jefferies, it seems the company is close to an end of earnings downgrade cycle.

The stock has been under pressure due to slowdown in global economic activity and has corrected around 25 per cent in last one year.