Bharti Airtel shares extend fall as brokerages cut price target

Shares in Bharti Airtel fell as much as 2.4 percent on Thursday, extending their 6.5 percent drop in the previous session, as several brokerages cut their price targets on the stock after the leading Indian mobile operator missed estimates and reported an eighth straight drop in quarterly profit.

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Citigroup cut its target price on the stock to 425 rupees from 452 although it maintained its "buy" rating. Credit Suisse reduced its price target to 330 rupees from 375 and maintained "neutral" rating.

Bank of America Merrill Lynch cut its price target by 7 percent to 400 rupees and maintained "neutral" rating, while HSBC said it remains "overweight" on the stock but cut its price target to 451 rupees from 475.

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Shares in Bharti, nearly a third owned by Southeast Asia's biggest phone firm, SingTel, were down 1.7 percent at 348 rupees by 10:13 a.m. (0443 GMT) in a Mumbai market that was down 0.3 percent.