Bharat Heavy Electricals (BHEL) fell 2% to Rs 256.75 after brokerage Kotak re-initiated coverage on the company with a 'sell' rating, saying earnings would be hit due to "a potential lull" in order wins and rising competition.
Kotak becomes the second brokerage to assign the unusual 'sell' on BHEL in the space of a week, following Citigroup Global Markets' same rating on the stock last Wednesday.
The domestic brokerage set a target price of Rs 230, below Citi's Rs 250 objective.
Expectations for weak February industrial output data due on Thursday has also fanned worries.
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