Bharti Infratel shares fell 4 per cent on Friday after Goldman Sachs downgraded company’s stock to “SELL” from “NEUTRAL”.
At 1.16 pm, shares of the Bharti Infratel were trading 2.73 per cent down at Rs 338.65. The scrip opened at Rs 350 and has touched a high and low of Rs 351.85 and Rs 334.30, respectively, in trade so far. Sensex was trading 144.27 points up at 26,669.73.
While downgrading the stocks to ‘SELL’, the brokerage house cut target price to Rs 307 from Rs 368. It further added consolidation in telecom industry could see reduced demand for new towers, sees increased competition in mobile tower sector.
“Active infrastructure sharing by telecom firms to lead to lower tenancy growth, said the brokerage house.
Five of the 29 brokerages covering the stock rate it “sell” or lower, five “hold” and 19 “buy” or higher; their median target price is Rs 425, according to Thomson Reuters Eikon data.