Stock Crash: This stock lost 15% in 2 trading sessions, currently trading at its lowest level in 5 years.:Brokerage firm Jefferies has downgraded Syngene shares from 'hold' to 'underperform' and also reduced its target price from ₹660 to ₹480.

News Topical, Digital Desk : Stock Crash: Shares of Syngene International Ltd. are seeing heavy selling. Shares fell another 7% on Tuesday, January 27, after losing nearly 8% on Friday.

With this, the shares have fallen a total of 15% in the past two trading sessions. Tuesday's decline marked the ninth consecutive session of decline for Syngene shares. The stock has lost nearly 20% in these nine trading days.

How were the results?
The company's profit fell nearly 90% year-over-year in the December quarter, while revenue declined 3%. The company's operational performance was also weak. EBITDA declined 26% during the quarter, while margins fell to 22.8%, compared to 33.8% in the same quarter last year. The company stated that the weak third quarter performance reflected the impact of a single product from a large molecular biologics client. Furthermore, the rest of the company's business progressed "steadily."

What were the ratings? Brokerage firm Jefferies downgraded Syngene's stock from 'hold' to 'underperform' and also reduced its target price from ₹660 to ₹480. Currently, out of nine analysts covering Syngene, three have a 'sell' rating on the stock, four have a 'buy' rating, and two have a 'hold' recommendation. On Tuesday, Syngene International shares fell 7.8% to close at ₹501.4, its lowest level since August 2020.