Bharti Infratel declined after hitting a high of Rs 366.30 on the BSE.
The stock was quoting at Rs 351.25, down Rs 5.55 or 1.56 per cent at 10.35 am. The stock traded in a range of Rs 350.20 and Rs 366.30 in morning trade.
On Tuesday, the stock had closed at Rs 356.80.
Kotak has upgraded the stock to 'add' from 'sell' citing valuations.
It said the recent sharp correction has brought down valuations to comfort zone after a long time.
The stock is down 19 per cent in July-September so far.