India
Bharti's stock downgraded
October 6, 2009
Bharti Airtel fell heavily in Mumbai trading yesterday, after the stock was downgraded by Kotak Securities, which cited increased competition and slower growth. India's biggest cellular operator lost 8 percent, the biggest slide on the Bombay Stock Exchange's sensitive index. Bharti, which pulled out of a merger with MTN last week, faces rivalry from Vodafone and NTT DoCoMo. "We see the stage ripe for a serious price war," analysts at Kotak wrote in a note. - Bloomberg
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