Vodafone Idea share price dips over 4% after JPMorgan downgrades the stock, predicts 20% downside

Vodafone Idea share price declined over 4% in early trade on Thursday after foreign brokerage firm JPMorgan downgraded its rating on the telecom stock and estimated a 20% downside in the shares. Vodafone Idea shares fell as much as 4.47% to ₹11.32 apiece on the BSE.

JPMorgan has downgraded Vodafone Idea shares to ‘Underweight’ and a target price of ₹9 per share, implying a potential downside of 20% from its Wednesday’s closing price, reports said.