UBS Downgrades Bharti Airtel and Vi, Cites Telecom Sector Valuations

UBS has downgraded Bharti Airtel to 'Sell' and Vi to 'Neutral' ahead of Q1 results, citing concerns about valuations and limited near-term catalysts. The brokerage believes the telecom sector is 'priced for perfection' and warns of potential delays in tariff hikes. For Q1, UBS expects modest growth in mobile revenue and slowing net additions for Airtel, while Vi may see a loss of subscribers.