Citi has downgraded Adani Enterprises to "neutral" from "buy". It said the “majority” of value unlocking on the demerger has already been priced in.
Adani has hived off its power and ports businesses to boost growth.
The investment bank, however, raised Adani stock's target price to Rs 709 from Rs 530.
Adani Enterprise shares fall as much as 1.7 per cent during the morning session on Tuesday.