Shares of Bharti Airtel fell 4% to Rs 760.60 on BSE in intraday trade on Wednesday after JPMorgan analysts downgraded the stock to “underweight” with a new price target of Rs 710 as the brokerage sees 5G capex Higher rates combined with no tariffs will depress ROIC.

Shares of the telecommunications service provider hit a near three-month low, trading at their lowest level since October 17, 2022. With today’s drop, Bharti Airtel’s market price has retraced 13% from its all-time high of Rs 877.10 on November 25, 2022.

The stock was quoted 3.3% lower at Rs 766.90 at 10:54 am, while the S&P BSE Sensex rose 0.03%. The average over-the-counter volume more than doubled, with 11.3 million shares changing hands on the NSE and BSE.

However, Bharti Airtel outperformed the market in the final calendar year of 2022, surging 18%, while Sensex gained 4.4%.

Shares of Bharti Airtel were the worst performers on the Sensex and Nifty50, closing down Rs 27.5% or 3.5% at Rs 765.4 per share on the BSE.