Bharti Airtel falls on Jefferies downgrade

The target price has been to Rs 270 from Rs 280

Shares of Bharti Airtel Ltd fell as much as 3.3 per cent to Rs 331.2 on Friday.

Jefferies downgraded the stock to “underperform” from “hold”. The target price has been to Rs 270 from Rs 280.

The stock rallied 12 per cent in past five days as promoters pledged to subscribe in rights issues aiding balance sheet. “The funds raised though highlight that competitive intensity would remain high in near term,” Jefferies stated in a note.