Daiwa cuts Unitech to 'sell' from 'hold'

Daiwa Capital Markets downgraded Unitech to "sell" from "hold" and cut its target price to Rs30 from Rs58 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 am (0539 GMT), shares in Unitech were down 8.5% at Rs34.55, while the main stock index was down 0.7%.