Phoenix Mills drops 3% as Nomura initiates 'Reduce', sees 11% downside

At 9:27 AM, Phoenix Mills shares were trading at ₹1,521.00, down by 3.41 per cent on the National Stock Exchange.

Phoenix Mills Share Price today: Shares of Phoenix Mills dropped over 3 per cent, logging an intraday low of ₹1,526.60 on Wednesday, after global brokerage firm Nomura initiated coverage with a 'Reduce' rating on the stock, citing concerns around weakening retail consumption. So far this year, Phoenix Mills shares have struggled to trade in the green territory, experiencing a decline of 3.7 per cent.

 

Nomura has set a target price of ₹1,400, implying a downside of over 11 per cent from the current market price of around ₹1,575. At 9:27 AM, Phoenix Mills shares were trading at ₹1,521.00,