CAR TRADE TECH

shares crashed on Wednesday, plunging 18.7% to an intraday low of Rs 2,222.35 on the BSE, after domestic brokerage JM Financial downgraded the stock from ‘Hold’ to ‘Sell’ and cut its target price to Rs 1,910 from Rs 2,350. “We downgrade CarTrade to ‘Sell’ with a September 2026 target price of Rs 1,910, implying a 14% downside from current levels,” JM Financial stated. The brokerage highlighted that valuation spikes, driven by recent news on GST cuts and OLX recovery, appeared “too much, too soon,” making the stock richly priced at ~43x FY27E EBITDA.