HSBC downgrades shares to "underweight" citing risks to growth

Reuters
A broker monitors a screen displaying live stock quotes on the floor of a trading firm in Mumbai
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A broker monitors a screen displaying live stock quotes on the floor of a trading firm in Mumbai May 23, 2013. REUTERS/Vivek Prakash/Files

MUMBAI (Reuters) - HSBC downgrades Indian shares to "underweight" from "neutral", citing the recent rally and downside risks to growth.

The bank says that after the recent bounce, India looks relatively expensive and is most exposed to growth adjustments.

HSBC adds that it expects GDP forecasts to decline and earnings growth forecasts to follow.

(Reporting by Abhishek Vishnoi; Editing by Supriya Kurane)

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