Analysts lower price targets for Airtel, Idea after Jio launch
RIL suffers mcap loss of over $2 bn in two days on concerns over break-even
Samie Modak |
Last Updated at September 2, 2016 18:37 IST
Incumbent telecom players Bharti Airtel and Idea Cellular suffered huge cuts in their 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%.
Shares of London-listed Vodafone Plc, which derives over a tenth of its revenues from the Indian market, too fell 3% on Thursday to its lowest level in more than a month. Shares of Airtel and Idea recouped some of the losses on Friday, ...
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First Published: Fri, September 02 2016. 18:10 IST