Sesa Goa downgraded to 'hold' by Deutsche Bank

Deutsche Bank has downgraded Sesa Goa to hold from buy after the restructuring announcement and also cut target price to Rs 249 from Rs 270.

"... Transfer of the ownership of loss making Vedanta Aluminum Ltd to the newly created Indian entity is disappointing," the bank said in a note. It also said swap ratio for the merger of Sterlite Industries and Sesa Goa appears favourable for Sterlite shareholders.

At 12:55 p.m, Sesa Goa shares were down 9.8% at Rs 205.10.