Bharti shares extend fall as brokerages cut price target
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Shares in Bharti Airtel fell as much as 2.4 per cent on Thursday, extending their 6.5 per cent drop in the previous session, as several brokerages cut their price targets on the stock after the leading Indian mobile operator missed estimates and reported an eighth straight drop in quarterly profit.
Citigroup cut its target price on the stock to 425 rupees from 452 although it maintained its 'buy' rating. Credit Suisse reduced its price target to 330 rupees from 375 and maintained 'neutral' rating.
Bank of America Merrill Lynch cut its price target by 7 per cent to Rs 400 and maintained 'neutral' rating, while HSBC said it remains 'overweight' on the stock but cut its price target to 451 rupees from 475.
Shares in Bharti, nearly a third owned by Southeast Asia's biggest phone firm, SingTel were down 1.7 per cent at Rs 348 by 10.13 a.m. in a Mumbai market that was down 0.3 per cent.
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