New Delhi, April 3 -- Nestle India share price declined over 0.5 per cent in Thursday's trading session after global brokerage firm BofA Securities downgraded the stock and cut the target price by 7.5 per cent.

At 9:30 am, Nestle India shares were trading at Rs.2,200.80 apiece on NSE.

The brokerage has downgraded the stock from a "neutral" rating to "underperform" and lowered its price target from Rs.2,315 to Rs.2,140 per share. This adjustment suggests a potential decline of 4.2% from the last closing price of Rs.2,234.

In its note, BofA Securities highlighted that sluggish demand, rising costs, and intensified competition create a tough operating environment, which is likely to impact Nestle India in the near term.

The report stated...