Morgan Stanley downgrades Bharti Airtel
Morgan Stanley downgrades Bharti Airtel to "equal-weight" from "overweight" and cuts its target price to Rs 280 from Rs 366 .
Morgan Stanley says traffic growth is coming at the expense of operating margins as tariff wars in the sector bring down average revenue per minute for voice calls.
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Investment bank adds 3G rates have also been slashed in the past six months, while overall sequential data revenue growth is declining.
Bharti Airtel has suffered a rash of downgrades this month, sending shares to their lowest since October 2006 on August 10 after posting disappointing April-June earnings.
Bharti's shares down marginally.