Cummins India shares tank 6% after Goldman Sachs downgrades stock to ’sell’, sees 23% downside
Shares of Cummins India experienced a sharp decline of approximately 6 per cent during intra-day trading on Friday, October 11. This drop came in the wake of a downgrade from global brokerage house Goldman Sachs, which has revised its rating on the stock to ‘sell.’ Alongside this downgrade, the brokerage also reduced its target price for Cummins India to ₹2,900. This new target price indicates a significant downside potential of over 23 per cent from the stock’s last closing price, raising concerns among investors regarding the company’s future performance.
The brokerage outlined three primary factors behind its pessimistic outlook for Cummins India. First, Goldman Sachs emphasised the growing adoption of Battery Energy Storage…
