Bharti Airtel Share Price: Shares of telecom major Bharati Airtel on Wednesday cracked over 4 per cent on NSE after global brokerages JP Morgan and Jefferies downgraded rating. The counter was trading at Rs 764.85 around 10 am, down by Rs 28 or 3.53 per cent.   

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JP Morgan downgraded the rating to Underweight from Overweight and slashed the target to Rs 710 from Rs 860. The brokerage said that it expects negative surprises on capex and subsidies front that would entail post the 5G rollout. 

2023 should be defined by competitive 5G rollouts, the brokerage firm noted. The competition comes from archrival Reliance Jio which is shifting its focus to premium subscribers from entry level subscribers, JP Morgan further said. The stock was recommended at a price of Rs 793.     

Meanwhile, Jefferies has maintained a Hold rating on Bharti Airtel. It has slashed the target by Rs 5 from Rs 855 to Rs 850. 

Meanwhile, Zee Business Managing Editor Anil Singhvi said that selling pressure in Airtel will prevail today. He said that the company undertook a hike in tariffs in certain cities a while back and it was expected that the move will be replicated in other cities as well. That has not happened, he said, adding that this is a "problem area for Airtel stock".

Another important development is the double downgrade by JP Morgan. He said that big FIIs are now becoming cautious towards this stock. He recommended an exit at opportune levels. The stock has already corrected and a Sell on rise strategy is advised.  

The stock was one of the top losers today on Nifty today.

Zee Business panellist and market expert Sumeet Bagadia said that Bharti Airtel shares are witnessing a sudden plunge and breaking away from important support levels. The current chart structure shows that the stock could test levels of Rs 750-740 in the near term. 

He suggested investors to wait for 2-3 days. An opportunity of fresh buying will come once the stock is corrected by another Rs 10-20, Bagadia said.  

Read More: Stock Market Today LIVE: Cautious opening for Sensex, Nifty; Hindalco gains, Bharti Airtel falls in opening trade 

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)