UBS downgrades Bharti Airtel to "sell" and Vodafone Idea to "neutral", citing valuation, weak growth, and delayed tariff hikes.

• UBS expects tariff hikes in late FY26, but sees delay risk as current rates align with emerging market averages.
• Airtel flagged for slowing subscriber growth and premium valuation; Jio gaining market share in mobile space.
• BRTI down 1.2%, VODA down 2.5%; YTD, Airtel up 21.4%, Vodafone Idea down 10%.