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This is an archive article published on May 13, 2013

Credit Suisse cuts India’s Essar Oil to ‘underperform’

The investment bank says Essar Oil's ability to refinance high-cost debt will be 'critical'.

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Credit Suisse downgrades India’s Essar Oil Ltd to “underperform” from “neutral” and cuts its target price to 65 rupees from 67 rupees earlier,citing “high” debt gearing,higher valuations than regional peers and cash flow concerns.

The investment bank says Essar Oil’s ability to refinance high-cost debt will be “critical”.

Essar Oil’s shares were down 2.9 percent at 0547 GMT.

 

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