SINGAPORE (Oct 2): OCBC cuts its fair value estimate on Citic Envirotech to $1.40 from $1.71 but maintains its hold view after a steep fall in shares.

OCBC says the decline in the company's share price since July could be the recent tumble in Hong Kong-listed water treatment firms and news that water treatment firms in China would need to pay additional tax.

Citic Envirotech is flat at $1.395, compared with a 0.6% fall in the Straits Times Index.