Shares of Tata Chemicals were trading down on Friday after Morgan Stanley downgraded the stock. The company also got fined by a UK court.

What Happened: Morgan Stanley downgraded the stock to “underweight” and slashed the target price to ₹843 from ₹904 in their report on chemicals. The global brokerage reasoned these companies are not out of the wood yet and prefer to remain on the sidelines until there is an earnings upgrade cycle.

The oversupplied soda ash markets underpin its call to downgrade Tata Chemicals, the brokerage said.

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Tata Chemicals subsidiary, Tata Chemicals Europe received a fine of £11,00,000 (around ₹11.74 crore) from the Chester Crown court in the UK for a safety incident that occurred in 2016. In the incident, a contractor sustained injuries at one of the sites at U.K and passed away unexpectedly a few weeks after his discharge from the hospital, the company said in an exchange filing.

Price Action: On Friday morning, shares of Tata Chemicals were trading down 1.58% at ₹1,046.45.

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