BHEL is the top loser on the BSE since the opening bell today. The stock slipped almost 10% at Rs.38.50. just 20 paise off the LC of the day at Rs.38.30.

The stock price fell after Citi downgraded the stock to “sell” from the earlier stance of “neutral.” It has put a target price of Rs.34.

Citi stated that the current valuations did not justify its Return on Equity and risks to cash flows and profits.

Citi added that high receivables continue to put pressure on the cash flows  and success in new areas will take time.