JP Morgan, BofA Securities downgrade Airtel ratings, shares fall

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The brokerage said one round of tariff hikes has already been factored in and there is a risk of further increases being postponed until after the general elections in 2024. “Competition may increase with Jio getting aggressive in the postpaid market and potential entry of Adani in 5G/B2C apps,” said Salgaonkar.

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