Bajaj Auto shares shed 4% on CLSA downgrade

Bajaj Auto shares shed 4% on CLSA downgrade

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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