Indiabulls Real Estate, India’s third-biggest developer, was downgraded at Deutsche Bank AG, which cited the gains in the shares, a possible sale of warrants and 'weak demand' for its Mumbai office projects.

The shares were lowered to 'hold' from 'buy' Deutsche Bank analysts Abhay Shanbhag and Prakash Agarwal wrote in a report yesterday. They increased their share-price estimate by 18% to 183 rupees, the report also said.