Given uncertainty around successful integration and potential downside, we recommend REDUCE rating on the stock with a target price of Rs. 5.4 based on ~8x FY21E EV/EBITDA. Topline impacted by reduced customer base In Q1FY20, Company's revenue declined 4.3% QoQ to Rs. 11,270cr, primarily on decreased subscribers base (-4.2% QoQ to 320.0mn). However, 4G data subscriber base witnessed growth of 5.1% QoQ to 84.8mn in Q1FY20. Blended churn ratio during the current quarter stood at 3.7% compared to 7.2% in Q4FY19. Overall ARPU...