Bharti Airtel has 3.4% at Rs 249.65, its lowest level since October 2006 in morning trades on the NSE after Morgan Stanley downgrades the stock to "equal-weight" from "overweight".
According to Reuters report, “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.” Investment bank cuts its target price to Rs 280 from Rs 366, added report.
The stock of Bharti Airtel, the country's largest telecom company has fallen 15% since reporting a 10th straight quarter of declining profits on August 8. The benchmark Nifty has gained around 2% during the same period.
Most of the foreign broking houses including Goldman Sachs and Standard Chartered cut their ratings on India's top telecoms carrier in the wake of disappointing quarterly earnings.
The stock opened at Rs 256 and has seen around 3.2 million shares changing hands on the counter so far on both the exchanges.
