Shares of telecom major Bharti Airtel declined after Credit Suisse cut downgraded the stock to "underperform" from "neutral", and cut target price to Rs.220.
Credit Suisse said Reliance Infotel, a unit of Reliance Industries, was expected to enter the Indian wireless data market, and would benefit from also entering the voice market, increasing competition in a segment in which Bharti Airtel is one of the top players, reports said.
The downgrade by Credit Suisse joins the list of downgrades by Morgan Stanley, Goldman Sachs and Standard Chartered following disappointing quarter results by the telecom operator.
Shares of Bharti Airtel were trading at Rs.250.80, down 3% over the previous close. It had touched a day’s high of Rs.255.80 and a day’s low of Rs. 249.20. The total traded quantity of the shares stood at 6.84 lakh shares on the BSE.