New Delhi, July 9 -- Shares of real estate firm Phoenix Mills fell over 4% on Wednesday, July 9 after global brokerage Nomura initiated coverage with a "Reduce" rating. This move reflects growing concerns over weakening retail consumption trends. Against this backdrop, Nomura assigned a price target of Rs.1,400 to the stock, signaling a downside of over 11% from previous close of Rs.1574.10.

In its initiation note covering Phoenix Mills, Nomura highlighted fundamental challenges undermining its outlook. The firm pointed to a discernible slowdown in retail consumption, which has weighed down shopping mall operators like Phoenix Mills. It emphasized that profitability prospects are notably weaker in tier‑2 markets compared to tier...