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India's Hindustan Unilever falls on slew of downgrades
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MUMBAI, Jan 23 (Reuters) - Shares in Hindustan Unilever
extend their fall in pre-opening trade on Wednesday after a
number of investment banks, including Credit Suisse and Nomura,
cut their ratings on slower-than-expected volume growth and a
hike in royalty payments.
On Tuesday, Hindustan Unilever Ltd (HUL), India's
largest consumer goods maker, reported a 16 percent jump in
third-quarter net profit, and reported low volume growth and a
rise in royalty payments.
At 0347 GMT, the shares were down 5 percent at 458.25
rupees.
(Reporting by Manoj Dharra and Abhishek Vishnoi; Editing by
Sunil Nair)
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