Shares of Bharti Airtel slump 3.5% after Credit Suisse downgrades the stock to "underperform" from "neutral" and reduces the target price to Rs 265 from Rs 275, citing competition from rival Rel Jio's, a unit of Reliance Industries, Reports, Reuters.

This is because of competitive fears once Mukesh Ambani-owned Reliance Jio Infocomm starts its 4G voice and data services likely later this year and also RJio's network at launch can add significant capacity to the sector, 60-80% of Bharti's current installed capacity.

The last time new competition came into the market in 2009-10.

Bharti Airtel lost 2.63% to Rs 344.90 at 11:22 IST on BSE after a foreign brokerage downgraded the stock and reduced its target price citing competition.