Shares of Bharti Airtel slumped 3.5 percent after Credit Suisse downgrades the stock to "underperform" from "neutral" and reduced 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 percent 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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