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PE of Bharti Airtel is around 12 which is not bad for a telecom sector. Airtel is aggressive in M&A which is allowing a Airtel making inroad in Africa and Indian subcontinent. The competition in India is increasing and Airtel will lose ground to other player like Idea and Tata. Airtel has a good hold over corporate and urban population but is not able to get into rural masses where the true growth lies.
None the less Airel is a good stock and should give decent returns... If you are a short time investor do change from Telecom to other sector like infrastructure, power or banking.
My personal choice is Sunil Hitech and Diamond Power & Infrastructure.