MARKET EYE-Citi downgrades India's Hindalco to 'sell'

* Shares in Hindalco Industries

fall 3.2 percent to 121 rupees after Citigroup downgraded the non-ferrous metals producer to 'sell' from 'buy' and cut its target price to 118 rupees from 164 rupees. * Citigroup says Hindalco has not been immune to macro headwinds or oversupply, and also cites rising costs for fuel/power, slower clearances that are making project economics less viable, and an appreciating rupee among factors behind the downgrade.