Jefferies downgrades Bharti Airtel to 'hold'

Jefferies downgrades Bharti Airtel to 'hold'

Bharti Airtel, India's biggest mobile carrier, has been downgraded by brokerage firm Jefferies to "hold” from “buy" citing slowdown in subscriber additions. Jefferies also cut the target price on the stock to Rs 280 from Rs 350.

Jefferies said continuous competitive pressure will impact realisation in the telecom space.

Shares in Bharti Airtel, valued at nearly $19 billion, traded 2.4 per cent higher at Rs 275.45 in a weak market on Thursday. The stock was among the top Nifty gainers in morning trade today.