Bharti Airtel plunges 6.25% on downgrades

Shares of the Bharti Airtel plunged for the second day after Goldman Sachs and Standard Chartered downgraded their ratings after Bharti disappointed the streets with its Q1 2013 numbers.

The company's net profit declined by 37% to Rs 762.2 crore against Rs 1,215.2 crore for the corresponding period of previous quarter on adverse regulatory and tax issues impacting the operating profits.

Goldman Sachs downgraded the stock to "neutral" from "buy" and revised target price of Rs 270.

Standard Chartered cut Bharti to "in-line" from "outperform" and cut its target price to Rs 300 from Rs 380 and said that delay in the 2G spectrum will have an impact on the profitability among other risk factors.

On Wednesday, shares of the company had fallen 6.6% after its poor results.

The shares of the company were seen trading lower by 6.2% at Rs 257 at 3.00 pm IST. It had touched intra-day low of Rs 257.50.

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