Bharti Airtel slips 4% after JP Morgan downgrades stock to ‘Underweight’

Shares of Bharti Airtel dipped 4 per cent to Rs 760.60 on the BSE in Wednesday’s intra-day trade after analyst at JP Morgan downgraded the stock to ‘Underweight’ with a new price target of Rs 710, as the brokerage firm believes a combination of higher 5G capex and the absence of tariff hikes will drive down ROICs.

The stock of telecom services provider hit a near three-month low and traded at its lowest level since October 17, 2022. With today’s fall, the market price of Bharti Airtel has now corrected 13 per cent from its record high of Rs 877.10, touched on November 25, 2022.