Titan Company Ltd shares slumped as much as 9.5 per cent on Friday, heading towards their biggest daily fall since August 2013, after the jewellery and watch retailer’s January-March results lagged some analysts' estimates.

Investment bank Credit Suisse has downgraded the stock to “neutral’’ from ‘outperform’’ and cut its target price to Rs 390 from Rs 430.

Change in the pricing strategy to increase long-term consumer franchise may hurt the company in the short-term, the bank said.

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