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The Voltas share fell 3.2 per cent on Tuesday morning following Nomura downgrading the stock to "reduce" from "buy".
The rating company has recommended a switch to Havells India.
It said dealer checks suggest AC sales are "cooling off".
The stock has 18 buy, 7 hold and 3 sell ratings.
At 11.40 am the Voltas share was trading down 2.7 per cent.
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