Bharti Airtel is deep in the red today, currently trading over 3% lower at Rs.343.35, with an intra day low at Rs.339.70.

The stock is down today after FII, Credit Suisse put out a report on the stock, downgrading the stock to ‘underperform’ from ‘neutral’. It also reduced the target price of the stock by Rs.10, from Rs.275 to Rs.265.

In the report, Credit Suisse has stated that competition from Reliance’s Jio, given the large spectrum holding and ongoing large-scale investments, could pose some serious competition for Bharti. RJio, at the time of launch itself can add 60-80% of Bharti’s current capacity.

Credit Suisse remain amongst the few who have put out a sell call; as per data on Thomson Reuters, the stock currently has 32 "buys", 9 "holds" and 2 "sell" ratings. But following this report by Credit Sussie, there is worry that it might prompt others also to relook at their calls.