Meanwhile, the BSE Sensex was down 476.29 points, or 1.73%, to 27,031.01.

On BSE, so far 1.03 lakh shares were traded in the counter, compared with an average volume of 82,582 shares in the past one quarter.

The stock hit a high of Rs 1,112 and a low of Rs 1,090.10 so far during the day. The stock hit a record high of Rs 1,894.70 on 5 August 2014. The stock hit a 52-week low of Rs 1,036.05 on 28 April 2015.

The stock had underperformed the market over the past one month till 11 May 2015, falling 17.86% compared with 4.75% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 22.68% as against Sensex's 3.60% fall.

The mid-cap company has an equity capital of Rs 70.49 crore. Face value per share is Rs 10.

The brokerage cited significant fall in stock price and strong core business as key reasons for upgrade of Just Dial shares.

Just Dial's net profit rose 8% to Rs 32.14 crore on 28.8% growth in net sales to Rs 154.42 crore in Q3 December 2014 over Q3 December 2013.

Just Dial started offering local search services in 1996 under the Justdial brand and is now the leading local search engine in India.