Torrent Power Limited fell to a 31-month low of Rs1,187.80, down 35% from its 52-week high of Rs1,824, after Motilal Oswal Financial Services initiated coverage with a Neutral rating and sum-of-the-parts-based target price of Rs1,270, citing gas-price volatility, untied 1.6GW gas capacity, policy risk and large capex execution risk.

Jefferies India estimated Torrent Power would see less than 3% EPS impact from higher interest rates, indicating relatively limited sensitivity to the RBI's 25 bps repo rate hike to 5.50%.