Deutsche Bank downgrades India's Jaiprakash Associates Ltd to "sell" from "hold", due to higher-than-expected debt.

The bank says the company's consolidated debt of INR612bn (US$10.24bn) came in at INR10bn above its estimates.

It has also cut its FY14 earnings estimates for the India-based cement producer  by 14 per cent and that of FY15 by nine per cent, citing a "high degree of operating leverage" in a "weak cement demand environment."