Voltas was among the top losers on the BSE; the stock price fell 9% to Rs.531.75. Its 10% LC for today is at Rs.525.20.
The stock has slumped after it posted a disappointing set of numbers for Q4FY18, following which brokerage houses slashed the target price.
The company’s revenue rose by just 1% (YoY) at Rs.538 crore but net profit fell 3% at Rs.193 crore.
Bloomberg has put out a report stating that following brokerage houses cut their target price by around 8%.
Deutsche Bank – price status quo at Rs.470
Edelweiss - cut target price to Rs 685 from Rs 745
Goldman Sachs - cut target price to Rs 700 from Rs 760