Page Industries's shares slipped over 10 percent in-trade after Credit Suisse downgraded the stock with a substantial target price cut following the company's announcement of poor Q4 earnings.

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At 09:37 am, the stock slipped 10.17 percent to Rs 19,712.25 per share on the National Stock Exchange. Intra-day, the share price declined over 10 percent to the day’s low of Rs 19,770.

Credit Suisse downgraded the stock to ‘underperform’ from ‘neutral’ with a target price cut to Rs 18,700 from Rs 23,221 per share.

The brokerage said: “There is further deterioration of an already weak trend. Management has not seen any pick up since Q1FY19. The extent of the company is very high compared to its peers.”

The Jockey India licensee reported a decline in standalone net profit by 20 percent to Rs 74.98 crore for the quarter ended March 2019. Meanwhile, sales declined 0.09 percent to Rs 607.86 crore in the March quarter.

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