Reiterate Sell with TP of Rs 305 (earlier Rs 310). Bharti Infratels (BHIN) 2QFY18 revenue and EBITDA were in-line. Highest ever loss of 6,612 tenancies was the key negative. BHIN has treated 5,601 tenancies as churn though the actual exits hasnt yet happened. Instant loss of tenancies on merger of Voda-Idea is the key negative trigger that would lead to further multiple de-rating of BHIN. These could impact BHINs EBITDA by ~15% and EPS 25%.