Credit Suisse has downgrades Bharti Airtel stock reduced the target price, citing competition from rival Reliance Jio.
Shares of Bharti Airtel
slump 3.5 per cent after Credit Suisse downgrades the stock to "underperform" from "neutral" and reduces the target price to Rs 265 rupees from Rs 275, citing competition from rival Reliance Jio's, a unit of Reliance Industries.
"Given its large spectrum holding and ongoing large-scale investments, we believe Reliance Jio's network at launch can add significant capacity to the sector - 60-80% of Bharti's current installed capacity," Credit Suisse said in a report on Thursday.
The stock has 32 "buys", 9 "holds" and 2 "sell" ratings, Thomson Reuters data shows.