Vodafone Idea shares slips 4% after JPMorgan downgrade; check target, downside

Shares of telecom operator Vodafone Idea fell as much as 4.4% to an intraday low of ₹11.32 on the BSE on Thursday after global brokerage JPMorgan downgraded the stock to ‘Underweight’, citing weak growth prospects.

The brokerage has set a target price of ₹9, implying a downside of around 24% from the previous closing price of ₹11.85. JPMorgan said the recent outperformance in the stock appears overdone and flagged that the company is still awaiting bank funding to kickstart the next phase of its capex cycle — a key step toward improving network quality, stemming subscriber losses, and eventually achieving positive net additions.