Nomura downgrades HPCL after Rs 16,100 crore EBITDA loss

Nomura downgraded HPCL after a Rs 16,100 crore EBITDA loss.

Nomura cut its target price for HPCL to Rs 420.

Fuel under-recoveries and debt are cited as key reasons for the loss.

Recovery for HPCL may be delayed, according to Nomura.