New Delhi, Oct. 24 -- The sell-off in Urban Company shares extended into a second day on Friday, October 24, as the stock dropped another 5% to hit a new low of Rs.145 per share. Investor sentiment turned negative after global brokerages Morgan Stanley and Goldman Sachs signaled a potential sharp correction, citing the stock's premium valuations.

While both brokerages remain optimistic about the company's long-term growth prospects, they noted that these factors are already priced into the current valuations. Morgan Stanley initiated coverage with an 'Underweight' rating and a target price of Rs.117 per share, whereas Goldman Sachs started coverage with a 'Neutral' rating and a target price of Rs.140 per share.

Even after the recent cor...