20 Nov 2009, 0200 hrs IST, Nishanth Vasudevan, Deeptha Rajkumar & Santosh Nair, ET Bureau
Even as telecom majors face rating downgrades from top broking firms amid price wars and earnings disappointments, foreign funds have been
surreptitiously accumulating them of late.
Grapevine has it that a handful of top funds based in the US and Singapore have been mopping up shares of Bharti Airtel and Reliance Communications (RCom), especially the latter. Incidentally, it is rumoured that a chunk of the purchases in one of these stocks was made through one of the broking firms, which downgraded the stock.
But brokers said it is not fair to link the two events, as funds at times don’t heed the downgrade calls of broking houses, where they do the purchases.
Will it gain strength or not am not sure but the point is retail investors are selling in panic and the smart FIIs r lapping it up.This phoenix will rise in full strength one day.
| NIFTY 
