Bharti Airtel slumps on Credit Suisse downgrade

Reuters Market Eye - Shares of Bharti Airtel slump 2.9 percent after Credit Suisse downgrades the stock to "underperform" from "neutral" and reduces the target price to 265 rupees from 275 rupees, citing competition from rival Reliance Jio Infocomm, a unit of RIL .

"Given its large spectrum holding and ongoing large-scale investments, we believe RJio's network at launch can add significant capacity to the sector - 60-80% of Bharti's current installed capacity," Credit Suisse said in a report on Thursday.

The stock has 32 "buys", 9 "holds" and 2 "sell" ratings, Thomson Reuters data shows.

(Reporting by Abhishek Vishnoi)