Kotak Equities downgrades multibagger HDFC AMC, upgrades Aditya Birla Sun Life to Add

The company's outperformance over its peers is fully priced in at the current valuations, Kotak said in a note as it slashed the stock's fair value to Rs 3,750, a 1.5% climbdown from Tuesday's closing price of Rs 3,811.

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