JP Morgan downgrades India shares, upgrades China shares

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Mumbai, Aug 20: In what could be a worrying news, JP Morgan on Tuesday downgraded India shares to "neutral" from "overweight" on grounds of balance of payments problems while it upgraded China shares from "underwight" to "neutral".

The firm said if the rupee continued to tumble, India would underperform.

Citi also reduced the target for India's benchmark index from 20,800 to 18,900 . It was worried with the rupee's increasing uncertainty despite the Reserve Bank of India's measures since the middle of the last month.

the rupee touched a new record low of 64 against the US dollar on Tuesday.

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