Bharti Airtel fell 3.56% to Rs 764.65 after a foreign broker downgraded the stock to underperform from overweight and slashed its target price to Rs 710 from Rs 860 earlier.
The target price is at 7% discount to the ruling market price.According to the media reports, the foreign broker is of the view that delayed price recovery likely will impact telecom players. 5G rollouts drive CAPEX intensity, it said.
Bharti Airtel is a global communications solutions provider with over 500 million customers in 17 countries across South Asia and Africa. The telecom major's consolidated net profit surged 89.17% to Rs 2,145.2 crore on 21.89% jump in revenue from operations to Rs 3,4526.8 crore in Q2 FY23 over Q2 FY22.
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