Phoenix Mills slips over 4% as Nomura initiates coverage with ‘Reduce’ call, sees 11% downside

Phoenix Mills shares dropped over 4% after Nomura rated it as 'Reduce', citing concerns over weak retail consumption. Nomura set a target price of ₹1,400, indicating an 11% downside. The firm noted challenges in tier-2 markets may limit profitability and growth.

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