Shares in IRB Infrastructure Developers Ltd fell 1.5 per cent, heading for a fourth consecutive daily fall.
IRB Infrastructure shares had nearly tripled this year as of the close of trade on August 5, tracking gains in the sector, which is expected to be a winner under the Modi government.
BNP Paribas downgraded the stock to "hold" from "buy", it said in a report on Friday.
"We are downgrading IRB to "hold", as we believe the share price fairly reflects its growth prospects," BNP said.
Copyright: Thomson Reuters 2014
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