Shares in the Perth-based company fell 95c on Friday to finish at $22.30 after Michael Peet of UBS Warburg downgraded the stock from a buy to a sell.

Over 1.5 million shares were traded before Friday's close after the market learnt the analyst reappraise the stock at $19, down from $22.90, thereby wiping one-third off the value of Wesfarmers shares.

Wesfarmers' shares took a battering last month after manager director Michael Chaney warned of a weakening profit outlook due to the impact of the drought and weakening coal prices.