BHEL touches 52-week low on Citi sell report, down 4.5%

Bharat Heavy Electricals (BHEL) dropped more than 4.6 percent intraday to touch a new 52-week low of Rs 187.10 on Tuesday. The research house Citigroup has recommended a sell rating on the stock with a target price of Rs 183 as company's working capital has historically been at precarious levels. Citi has cut BHEL's valuation target on a worsening business outlook. Shares witnessed fall in six out of seven sessions since last week, losing nearly 10 percent during that period. At 14:18 hours IST, the stock lost 4.41 percent to Rs 187.55 amid large volumes on Bombay Stock Exchange. Trading volumes more than doubled to 7.3 lakh equity lakh shares compared to its five-day ref: http://www.moneycontrol.com/news/business/bhel-touches-52-week-lowciti-sell-report-down-45_840300.html