CLSA downgrades Bajaj Auto

CLSA downgraded Bajaj Auto to 8220;underperform8221; from 8220;outperform8221; on Wednesday,a note seen by Reuters showed.

The brokerage said it believes that two-wheeler industry growth would moderate over FY12-13 while competition would intensify.

At 10:49 a.m.,shares in Bajaj Auto were trading 1.8 per cent lower at Rs 1,404.80,while the main stock index was down 0.4 per cent.