India's Motilal Oswal slips to six-week low after soft quarterly results
BUZZ-India's Motilal Oswal slips to six-week low after soft quarterly results ** Shares of India's Motilal Oswal Financial Services MOFS.NS plunge 10.7% to a six-week low of 839.9 rupees
** Stock set for its biggest daily pct drop in over two years, if losses hold
** The brokerage firm's first-quarter net profit up 1.1% year-on-year, while revenue rises over 24%
** "While earnings benefited from carry income and cost control, underlying flow trends across (asset management) and (private wealth) were softer than expected," UBS says
** More than 9 million shares of MOFS change hands so far on NSE, ~10.6x of 30-day average daily volume
** Stock is top pct loser in Nifty 500 .NIFTY500 index
** Three brokerage firms rate stock as "Strong Buy", while two recommend "Buy", with median price target of 1,100 rupees, per data compiled by LSEG
** MOFS stock up 0.6%, YTD
(Reporting by Vivek Kumar M)
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