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Shares of listed car reselling platform CarTrade crashed over 18% to INR 2,222.35 during the intraday on the BSE today. The sharp decline came after JM Financial reportedly downgraded CarTrade’s rating to ‘Sell’ rating from ‘Hold’.
The stock pared some of the losses later in the day and was trading 8.5% lower at INR 2,498.70 on the BSE at 12:10. Its market capitalisation stood at INR 11,895.30 Cr (about $1.35 Bn) and more than 19 Lakh shares were traded till this time.
JM Financial has a target price of INR 2,350 for CarTrade for September 2026, reflecting a 14% downside from its last close. The brokerage cited a mix of valuation concerns, reliance on cyclical B2B revenues, and growing competitive pressures from generative AI tools as the reasons for the downgrade.
Although the company runs B2C platforms, the analysts noted that these offerings do not completely shield it from volatility in B2B demand.
For the New Auto segment, JM Financial said that “a demand boost post-GST cuts does not necessarily translate into a linear rise in revenue”.
(The story will be updated soon)
The post CarTrade Shares Tumble Over 18% After JM Financial Downgrades Rating To ‘Sell’ appeared first on Inc42 Media.
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