Shares of Titan Company fell over 4% on Monday as JPMorgan downgraded the stock from 'overweight' to 'neutral' after the Tata group company shared its April-June quarter (Q1) business update. JPMorgan also cut its target price on Titan to ₹3,450 from ₹3,850 earlier. Titan's jewellery business recorded 9% revenue growth in Q1, which fell below JPMorgan's expectations.