Macquarie downgrades Rel Comm to neutral on weak nos

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Macquarie has come out with results review report on Reliance Communication after its first quarter numbers.

Report says among the worst quarterly results have seen in the Indian telecom sector. They downgraded Reliance Communication to neutral with a target price of Rs 475.(CNBC-TV18 reports)

Rel Comm saw a steep sequential decline of 11% in ARPU, compared to 2% and 3% QoQ declines registered by Bharti and Idea Cellular, respectively, report said.

1Q FY09 ARPU of Rs 282 was 11% below Macquarie estimate of Rs 317.