JM Financial said it does not see any major change to CarTrade Tech's revenue estimates across segments and expects the margin trajectory to improve
CarTrade Tech shares fell 5 per cent after it clarified that its proposed acquisition of CarDekho did not materialise
At 12:26 PM, the BSE Sensex was up 0.21 per cent as compared to 0.22 per cent decline in the BSE Midcap index and 0.29 per cent fall in the BSE Smallcap index.
Shares of CarTrade Tech hit a new high of ₹3,008.95, soaring 13% on the BSE in Tuesday's intra-day trade after the company reported its highest-ever quarterly revenue and PAT for Q2FY26.
The stock was in demand after the company's platform CarWale and BikeWale recorded record high traffic on the first day of Navratri
Domestic brokerage JM Financial downgraded CarTrade to a 'Sell' rating from 'Hold' with a September 2026 target price of ₹2,350, implying around 14 per cent downside from current levels.