Morgan Stanley has downgraded HDFC Asset Management Company to ‘equal-weight’ citing a steep rally in its share price since the beginning of the year.
Shares of HDFC AMCNSE 1.19 % have rallied 73 per cent since January 1 to a record high of Rs 2,697 on Tuesday on the back of constant re-rating by several brokerages following strong earnings in the past three quarters.
