It feels govt may find it challenging to meet the revenue projections.
Domestic and external environment still remain "challenging".
It believes that there had been "little progress" in structural reforms.
India taxes these investors higher and is excessively cautious towards derivatives.
The warning late on Wednesday came as a surprise given Tata shares hit a record high earlier this month on a rally sparked by expectations for improving sales at JLR, especially in the key China market, and optimism about the launch of new models.
HSBC cut its GDP forecast for the year ending in March to 5.2 per cent from 5.7 per cent, and its forecast for the next fiscal year to 6.2 per cent from 6.9 per cent, according to a report released on Thursday.
It said that the company encourages "chronic under-performers" to leave as part of its staff management.
The software services provider looks to cut costs and boost sales.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances