January 23, 2013 / 3:53 AM / 5 years ago

HUL shares fall on slew of downgrades

MUMBAI (Reuters) - Shares in Hindustan Unilever extend their fall 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.

Workers arrange consumable goods as a customer (back) shops at a grocery store in Lucknow July 6, 2009. REUTERS/Pawan Kumar/Files

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 1:53 p.m., the shares were down 4.85 percent at 457.60 rupees, after falling nearly 7 percent in trade earlier.

Reporting by Manoj Dharra and Abhishek Vishnoi; Editing by Sunil Nair

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