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Morgan Stanley downgrades Bharti Airtel
August 21, 2012 / 7:42 AM / 5 years ago

Morgan Stanley downgrades Bharti Airtel

Reuters Market Eye - Morgan Stanley downgrades Bharti Airtel to “equal-weight” from “overweight” and cuts its target price to 280 rupees from 366 rupees .

An employee checks a customers' feedback book next to a Bharti Airtel logo inside its shop in Kolkata May 2, 2012. REUTERS/Rupak De Chowdhuri/Files

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 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 a fter posting disappointing April-June earnings.

Bharti’s shares down marginally.

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