Page Industries shares slip after HSBC projects 10% more downside

Shares of Page Industries Ltd. fell over 2% on Thursday, September 18, after global brokerage firm HSBC downgraded the stock to 'Reduce'.

HSBC has a price target of ₹41,040 per share, suggesting a further 10% downside from current levels.

The brokerage flagged concerns over the company's growth outlook, saying that the launch of JKY Groove marks a shift away from its core basics segment with limited potential.

It also highlighted that margins may be near their peak, as raw material costs have stabilised while employee expenses continue to rise. Additionally, HSBC has cut its profit-after-tax (PAT) estimate by 3%, citing muted demand trends.

The stock is currently trading 1.90% lower at ₹

44,495. On a year-to-date basis, it has declined 7%.