5/6/2024, 10:05:05 am

PSU Downgrade: BEL rating cut by CLSA on expensive valuations

Brokerage firm CLSA has downgraded Bharat Electronics to "outperform" from its earlier rating of "buy." This is among the first downgrades within the PSU space after the unexpected Lok Sabha election result, which prompted a sharp sell-off in shares of these state-run companies on Tuesday. Shares of BEL had also declined 19% on Tuesday.