Jio shadow over Airtel, Idea stock price target
RIL suffers m-cap loss of over $2 bn in two days on concerns over profitability
Samie Modak |
Last Updated at September 3, 2016 02:37 IST
Incumbent telecom players Bharti Airtel and Idea Cellular suffered huge cuts in their stock price targets, as analysts feared Jio’s launch would disrupt the $28-billion Indian telecom market. Influential foreign brokerages Goldman Sachs, Credit Suisse and JP Morgan have cut their 12-month price targets for Airtel and Idea by as much as 19 per cent.
Shares of London-listed Vodafone Plc, which derives over a tenth of its revenues from the Indian market, also fell 3 per cent on Thursday to their lowest level in more than a month. Shares of Airtel and Idea recouped some ...
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First Published: Sat, September 03 2016. 00:58 IST