HUL shares tank over 7% on downgrades by rating agencies
Reuters: Mumbai, Jan 23 2013, 10:38 IST
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Hindustan Unilever shares falls on slew of downgrades
(Reuters) Shares in Hindustan Unilever extend their fall in pre-opening trade on Wednesday after a number of investment banks, including Credit Suisse and Nomura, cut their ratings on slower-than-expected volume growth and a hike in royalty payments.
On Tuesday, Hindustan Unilever Ltd (HUL), India's largest consumer goods maker, reported a 16 percent jump in third-quarter net profit, and reported low volume growth and a rise in royalty payments.
At 0347 GMT, the shares were down 5 percent at 458.25 rupees.
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