HSBC has downgraded Reliance Communications after the company's quarterly results to 'under weight' from 'neutral' and cut target price to 80 rupees from 92 rupees.
Third quarter minutes growth for the telecom firm remains poor as subscriber churn in CDMA continues, HSBC said in note. Reliance Communications' plan to leverage CDMA and 3G to drive data-centric growth limits the upside if capex is not increased, HSBC added.
At 10.50 am shares were down 2.07 per cent at 92.05 rupees.
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