Shares of Samvardhana Motherson International Limited (SAMIL) dropped by 2.5 percent to Rs 165 on December 9 after a downgrade by Kotak Institutional Equities from 'add' to 'reduce.'
SAMIL recently acquired a 95 percent stake in Atsumitec, a Japanese company specializing in high-precision machined components for the automotive sector. The acquisition cost SAMIL $57 million.
Despite the recent decline, SAMIL shares have increased by 63 percent since the beginning of the year. Kotak has set a target price of Rs 170 for SAMIL, indicating no expected upside for investors.