Bharti Airtel shares slipped more than 2.4% today, extending their 6.5% 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% to Rs 400 and maintained "neutral" rating, while HSBC said it remains "overweight" on the stock but cut its price target to Rs 451 from Rs 475.
Shares in Bharti were down 1.7% at Rs 348 by 10:13 a.m in a Mumbai market that was down 0.3%.
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