JPMorgan cuts Reliance Comm target by 49 per cent

Feb 17, 2011 |

Reuters

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Mumbai: JPMorgan has slashed its target price on mobile operator Reliance Communications by 49 per cent to 82 rupees, citing lower estimates for wireless and broadband segments and issues related to spectrum regulations.

It maintained its neutral rating on the stock in a research note dated February 16 and seen by Reuters on Thursday.

Anil Ambani, who controls the No. 2 mobile carrier, was questioned on Wednesday by federal police in a widening corruption investigation that has battered the government.

Shares in Reliance Communications closed 1.7 per cent lower at 99.70 rupees on Wednesday, while the main stock index gained 0.2 per cent. The stock has lost 31.3 per cent this year, compared with a 10.5 per cent drop in the index.

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