Vodafone Idea shares fall 4% after JPMorgan downgrade

Vodafone Idea shares fell as much as 4.47% to ₹11.32 on Thursday after JPMorgan downgraded the stock to 'Underweight'. The brokerage reportedly estimated a 20% downside with a target price of ₹9 per share. Analysts noted the company still awaits bank funding for its capital expenditure cycle, which is essential to arrest subscriber losses during the period.