Daiwa cuts India's Unitech to sell from hold

MUMBAI: Daiwa Capital Markets downgraded India's Unitech to "sell" from "hold" and cut its target price to 30 rupees from 58 rupees earlier, on uncertainties over telecom issues.

Daiwa said it has downgraded its rating on Unitech due to increasing concerns about the impact on Unitech from an ongoing probe by the Indian government into the allocation of 2G (second-generation) licences in 2008.

At 11:09 a.m. (0539 GMT), shares in Unitech were down 8.5 percent at 34.55 rupees, while the main stock index was down 0.7 percent.