NMDC Ltd: Citi Sees 12% Downside Amid Price Cuts and Valuation Concerns

📉 Citi has reiterated its 'sell' rating on

Ltd, setting a price target of ₹60—implying an 11.7% downside. The downgrade follows NMDC’s price cuts for lump ore and fines, with the stock trading at a premium to global peers. The company is also shifting towards a formula-based pricing model.