HSBC cuts TP, earnings estimate on India's Page Industries; shares slide

** HSBC cuts target price on India's Page Industries PAGE.NS to 41,040 rupees from 41,070 rupees; re-iterates "reduce" rating

** PAGE falls 2.2%

** New TP implies a 9.5% downside on last close

** Brokerage says PAGE's launch of JKY Groove, which targets younger consumers through athleisure wear, is not expected to turn around co's structural growth concerns

** Expects co's margins to moderate as employee costs, IT investment, ad spends and production are set to rise

** Says PAGE will see only 0.5% positive impact of GST cut in 1,000-2,500 rupees apparel bracket, as it only accounts for 10% of its sales

** Cuts FY26 revenue/PAT growth estimates by 1% and 3%, respectively

** PAGE is rated "hold" on avg, median PT at 45,000 rupees - data compiled by LSEG

** Stock down ~7% YTD