Bharti Airtel slumps on Credit Suisse downgrade

NEW DELHI (TIP): Shares of Bharti Airtel slump 3.5% after Credit Suisse downgrades the stock to “underperform” from “neutral” and reduces the target price to Rs 265 from Rs 275, citing competition from rival Rel Jio’s, a unit of Reliance Industries.

“Given its large spectrum holding and ongoing large-scale investments, we believe RJio’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.

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