A number of investment banks, including Credit Suisse and Nomura, cut their ratings on Hindustan Unilever Ltd (HLL.NS), a day after the country's largest consumer goods maker disappointed investors with slower-than-expected volume growth and a hike in royalty payments.

Credit Suisse cut its rating on Hindustan Unilever to "neutral", while domestic brokerage IDFC downgraded it to "underperformer".

CLSA cut the company to "sell" from "outperform," while Nomura cut its rating to "reduce" from "neutral".