Sensex Falls 300 Pts, Nifty Breaks 9900; Capacit'e Debuts At Rs 399

Shares of Cadila Healthcare fell over 3.5 percent intraday as investors turned wary of the stock following a ratings downgrade. A weakness in the overall pharmaceutical space also spilled over to the stock.

Broking firm IIFL downgraded its rating on the stock to reduce from add along with a reduction in the target price to Rs 400 from Rs 460, implying a downside of around 13 percent.

The firm said that Cadila’s stock was already pricing in an upside from big launches. However, its valuations were stretched and at a significant premium compared to its large peers.

The brokerage house also cut FY18/19 EPS estimates by 11%/14% to factor in the Lialda AG launch by the innovator.

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