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Morgan Stanley downgrades Bharti Airtel

Reuters/ 21 Aug 12 | 01:06 PM
Related to : Bharti Airtel Ltd
 Bharti Airtel Ltd
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BSE   23 Apr 14 | 12:00 AM

339.10  3.8 (1.13%)

NSE   23 Apr 14 | 12:00 AM

338.80  3.55 (1.06%)

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.

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