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Bajaj Auto shares shed 4% on CLSA downgrade

Bajaj Auto shares shed 4% on CLSA downgrade
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First Published: Wed, Jan 05 2011. 02 05 PM IST
Updated: Wed, Jan 05 2011. 02 05 PM IST
Mumbai: Shares in India’s Bajaj Auto extended losses to 4% on Wednesday afternoon, after brokerage CLSA downgraded the stock, saying two-wheeler industry growth would moderate over FY’2012-13, while competition would intensify.
Earlier, the brokerage downgraded the Indian motorcycle and three-wheeled motorised rickshaw maker to “underperform” from “outperform”.
At 1:54 pm, shares in Bajaj Auto were down 3.8%, after falling as much as 4%. The main stock index traded 0.9% lower.
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First Published: Wed, Jan 05 2011. 02 05 PM IST