Morgan Stanley cuts Fortis Healthcare to 'underweight'

Morgan Stanley downgrades Fortis Healthcare Ltd to "underweight" from "equal-weight".

Last Updated: Aug 29, 2013, 11:21 AM IST

New Delhi: Morgan Stanley downgrades Fortis Healthcare Ltd to "underweight" from "equal-weight" and cuts its target price to 88 rupees from 124 rupees, saying an improvement in margins/returns will take time as leverage remains high despite the company's efforts to raise funds.

Shares in Fortis Healthcare were down 1.48 percent at 1046 IST.

Reuters