MUMBAI Jan 23 A number of investment banks, including Credit Suisse and Nomura, cut their ratings on Hindustan Unilever Ltd, a day after India's largest consumer goods maker disappointed investors with slower-than-expected volume growth and a hike in royalty payments.
Credit Suisse cut its rating on Hindustan Unilever to "neutral", while domestic brokerage IDFC downgraded it to "underperformer".
CLSA cut the company to "sell" from "outperform," while Nomura cut its rating to "reduce" from "neutral". (Reporting by Abhishek Vishnoi and Manoj Dharra; Editing by Prateek Chatterjee)
Trending On Reuters
State Bank of India (SBI) reported its sharpest quarterly profit drop in five years on Friday but cheered investors by saying that fewer than feared of its loans risked turning sour. Read