Power Finance Corporation and REC shares fall up to 3% after Morgan Stanley downgrade

August 20, 2026

PFC and REC shares fell on Thursday after Morgan Stanley downgraded both stocks to Equal-Weight and cut their target prices. The brokerage flagged slower loan growth and lowered earnings estimates for FY28 and FY29. The downgrade comes ahead of the proposed PFC-REC merger, with both stocks already under pressure.

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