Avendus Securities has issued a downgrade for Bharti Airtel , changing its rating to Reduce with a target price of ₹1,700 per share. This revision in the brokerage's stance reflects a more cautious outlook on the telecom major's performance prospects, indicating potential downside from current levels.

Brokerage Recommendation Details

The key parameters of Avendus Securities' updated recommendation are outlined below:

Market Implications

The Reduce rating typically indicates that the brokerage expects the stock to underperform relative to the broader market or sector peers. With the target price set at ₹1,700, Avendus Securities appears to anticipate limited upside potential or possible downside for Bharti Airtel shares in the near term.

This downgrade comes as part of Avendus Securities' ongoing coverage and analysis of the telecommunications sector. The brokerage's revised stance suggests a shift in their assessment of the company's fundamental outlook and market positioning.

Investment Perspective

The Reduce rating serves as a cautionary signal for investors considering positions in Bharti Airtel. Brokerage recommendations like this are typically based on various factors including financial performance, competitive dynamics, regulatory environment, and market conditions, though specific reasoning behind this particular downgrade was not detailed in the available information.

Bharti Airtel and Singapore Telecommunications Limited (Singtel) have executed amendments to their existing shareholders' agreement on December 18, 2025, marking a significant development in their corporate relationship. The modifications involve Singtel relinquishing several key reserved rights and implementing governance improvements.

Amendment Details and Regulatory Disclosure

The company filed the amendment details with stock exchanges under Regulation 30 of SEBI Listing Regulations. The original shareholders' agreement was executed on January 22, 2009, between Bharti Airtel, Bharti Telecom Limited (the promoter), and Pastel Limited (part of Singtel group).

Current Shareholding Structure

The amendment filing reveals the current shareholding pattern of the key parties involved in the agreement:

Key Changes and Governance Impact

According to the regulatory filing, the parties have mutually agreed to amend the existing agreement to better align with business requirements and contemporary governance standards. The key changes include Singtel relinquishing several key reserved rights, along with other modifications aimed at removing redundancy and making necessary revisions for clarity and governance.

Strategic Rationale and Future Implications

The company stated that the proposed changes reflect the evolving maturity of the relationship and a shared commitment to focus on Airtel's growth while respecting governance obligations of both parties. Importantly, the filing confirms there is no impact on management or control in the company due to these changes.

The amendments are intended to simplify and rationalize the existing arrangement in line with best governance practices and do not confer any new rights on either party. These changes will also necessitate consequent amendments to the Articles of Association of the company, for which shareholder approval will be sought in due course.