DLF slumps on BNP Paribas downgrade

Stock down over 4.5% on a rating downgrade to "reduce" from "hold"

DLF slumped over 4.5% to Rs 159.05 after BNP Paribas downgraded the stock to "reduce" from "hold". The target price for the stock has been cut to Rs 146 from Rs169.

The report highlighted DLF's weak operational data and negative news flow from ongoing legal cases for teh downgrade. Also, the report cited "limited upside potential" for shares and "no major potential catalysts in the near-term."

The stock opened at Rs 165.40 which was almost the high point of the day. Thus far, the stock has slipped to a low of Rs 158.40. A total of over 85 lakh shares have changed hands on the BSE and NSE till 1320 hrs.