CarTrade shares plunged nearly 19% on Wednesday, their steepest fall, after JM Financial cut its rating to 'sell' with a ₹2,350 target - 14% below the prior close. The brokerage flagged costly valuations (43x FY27E EBITDA) and risks from AI tools diverting search traffic, threatening ad-driven revenue. Despite Q1 profit surging 92.6%, CarTrade stock is still up 70% YTD.