New Delhi, Nov. 20 -- Shares of newly-listed Pine Labs fell in trade on Thursday, November 20, after domestic brokerage Emkay Global initiated coverage with a 'reduce' rating and a target price of Rs.210, below the company's issue price of Rs.221.

Pine Labs share price fell as much as 2.8% to a day's low of Rs.235.30 today, while Emkay Global's target implies a 13% decline from the stock's last close of Rs.242.10.

The stock is also trading 17% below its listing-day high of Rs.283.70, which remains its peak level to date.

There are three main triggers behind Emkay's bearish outlook on Pine Labs shares:

Pine Labs has a strong position in the enterprise point-of-sale (POS) segment, with loyal customers due to its deep software integratio...