BNP downgrades DLF to 'reduce', shares slump

DLF shares slumped over 3 per cent to Rs 161.55 in early trade on the bourses after BNP Paribas downgraded the stock to 'reduce' from 'hold'.

The French financial services company also cut the stock's target price to Rs 146 from Rs 169, citing "limited upside potential" for shares and "no major potential catalysts in the near-term."

Reacting to the report, shares of DLF were trading 2.64 per cent lower at Rs 162.25 on the Bombay Stock Exchange in morning trade, having fallen 3.1 per cent on opening.

BNP also said DLF's "weak operational data and negative newsflow from ongoing legal cases" were negative for the stock.

(Reuters)