JPMorgan said on Thursday it had downgraded Indian outsourcer Mahindra Satyam to "neutral" from "overweight" as restated financials restored normalcy but the progress was likely to be slow. It also slashed the price target on the stock to 90 rupees from 140 rupees earlier.
Mahindra Satyam shares were down 6 percent at 92.95 rupees by 0333 GMT in a slightly firm Mumbai market.
Late on Wednesday, Mahindra Satyam reported a net loss for 2009 and 2010, giving the first view of its financials nearly two years after it was hit by India's biggest corporate fraud.
