Mahindra and Mahindra falls on Kotak downgrade
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Mahindra and Mahindra Ltd shares fell 1.7 percent.
Kotak Institutional Equities cuts the auto maker to "reduce" from "add" and lowered target price to 1,310 rupees from 1,404 rupees.
It cited valuations as the key reason. It further added that Mahindra and Mahindra has lost 13 percent market share in the utility vehicle segment over the past two years.
Kotak describes that as a "significant loss".
It said further re-rating of the stock will depend on curtailing subsidiary losses, improving consolidated return on capital employed.
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