Brokerage house CLSA has downgraded its
rating on Reliance Communications to ‘sell’, citing huge debt and
disappointing operational performance. It has slashed price target for the
stock to Rs 43 from the previous target of Rs 79.
“Reliance Comm’s 4QFY16 operating Ebitda,
down 16 percent YoY, was below our estimate due to a decline in voice revenues
by 8 percent YoY and a jump in access costs,” said the CLSA note, adding, “We
lower FY17-18(estimated) Ebitda by 3-4 percent to reflect the sub-par
performance.”
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