More trouble for Vodafone Idea? Motilal Oswal flags 3 big risks as AGR relief remains elusive

Trouble for Vodafone Idea seems to keep mounting. Motilal Oswal has reiterated its Sell recommendation on Vodafone Idea with a price target of Rs 6 per share. This implies another 8% downside for the Vodafone Idea share price from current levels. The telecom major’s EBITDA margin contracted 50 bps QoQ (35 bps above) to 41.8%. The brokerage house believes that the decline in subscriber base could be even higher and its capex plans could be in jeopardy.