Credit Suisse has downgraded Cairn India Ltd to "neutral" from "outperform" after saying its July-September profit-after-tax and revenue missed estimates.
The investment bank says lower crude realisations "explains almost the entire magnitude of the miss" in revenue.
"With the recent stock move, and with only 12 percent potential upside left, we downgrade to neutral," Credit Suisse said in a note on Wednesday, referring to its target price of 372 rupees.
Since April 1, Cairn shares surged 20.1 percent as of Tuesday's close, compared with an 8.1 percent gain in the NSE index during the same period.
Cairn India shares are down 1.3 percent at 0433 GMT.