Shares in DLF Ltd, India's top real estate developer, fell 1.5 per cent after its December-quarter net profit lagged estimates when adjusted for Rs 192 crore of tax credit.
Consolidated net profit fell 49 per cent to Rs 145 crore from Rs 285 crore a year earlier.
Morgan Stanley downgraded the stock to 'underweight' from 'equal-weight' and reduces its price target to Rs 125 from Rs 152, citing weak pipeline of older projects and slow pre-sales in FY13-FY14.
DLF shares finished at Rs 143.00 on the BSE at the end of Monday's session, down 1.00 per cent from the previous close.
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