Shriram Finance Shares Tumble 6% After Brokerages Slash Target Prices
Economic Times Markets · stocks
Shriram Finance shares dropped over 6% on Monday after multiple international and domestic brokerages reduced their target prices following the NBFC's Q2 earnings report. Despite the price target cuts, the consensus rating for the stock remains 'Buy'. The company reported a significant 59% year-on-year rise in standalone net profit to Rs 3,677 crore for the September quarter, driven by increased net interest income and lower finance costs. Brokerages like Jefferies, Citi, and Motilal Oswal, while lowering targets, still see substantial upside potential.