CLSA downgraded motorcycle and three-wheeled motorised rickshaw maker Bajaj Auto to "underperform" from "outperform" on Wednesday, a note seen by Reuters showed.
The brokerage said it believes that two-wheeler industry growth would moderate over FY12-13 while competition would intensify. At 10:49 a.m. (0519 GMT), shares in Bajaj Auto were trading 1.8% lower at Rs 1,404.8, while the main stock index was down 0.4%.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
