SRF shares fell 4.4% to a four-month low of ₹ 2,206 after UBS downgraded the stock from ‘buy’ to ‘sell’, cutting the target price from ₹ 2,700 to ₹ 2,100. The downgrade stems from concerns over weak demand in the agrochemical and refrigerant gas segments, where SRF faces increased competition from Chinese manufacturers, leading to a significant loss in market share and declining export figures.