Pantaloon Retail declines on JP Morgan underweight report

Pantaloon Retail fell nearly 4 percent intraday on Tuesday as the research firm JP Morgan put an underweight rating on the stock with a target price of Rs 215 after weak set of quarterly earnings.

"Lower sales growth and costs related to store closures led to an earnings miss. Uncertainty on discretionary demand is likely to constrain near-term stock performance," JP Morgan reasoned.

Pantaloon Retail posted a net loss of Rs 20.4 crore in the October-December quarter of FY13 as against profit of Rs 5.6 crore in a year ago period. However, net sales rose nearly 18 percent to Rs 1,253 crore from Rs 1,065 crore during the same period.

At 12:06 hours IST, shares declined 0.74 percent to Rs 206.85 on Bombay Stock Exchange.

In the previous trading session too, the stock lost 3.34 percent to close at Rs 208.40.

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