RCom, Airtel stocks slip in morning trade
After gaining for two consecutive days, shares of telecom majors Reliance Communications and Bharti Airtel today plunged as much as 2 per cent in the early trade on BSE, despite the rally in the stock market.business Updated: Sep 21, 2010 11:37 IST
After gaining for two consecutive days, shares of telecom majors Reliance Communications and Bharti Airtel on Tuesday plunged as much as 2 per cent in the early trade on BSE, despite the rally in the stock market.
Shares of Anil Ambani-led Reliance Communications (RCom) fell 2.08 per cent to a low of Rs 171.35 on the Bombay Stock Exchange to become the top loser on the Sensex.
The scrip, however, had gained nearly 11 per cent in the last two trading sessions.
On a similar note, the other telecom giant Bharti Airtel, which had witnessed a jump of 5.34 per cent in the two consecutive sessions, started the day on a weak note and lost up to 0.62 per cent at Rs 364 in the morning session.
Marketmen said that the stocks of the two companies lost steam after investors preferred to book profits amid a firm broader market.
However, the Sensex on Tuesday crossed the psychological 20,000 mark at the start of the session and was quoting 140 points higher at 20,046.03.
Other shares in the telecom pack were also trading in the red with Idea Cellular down 0.26 per cent at Rs 76.50, Tata Teleservices 0.85 per cent lower at Rs 23.45 and MTNL down 0.16 per cent at Rs 64.35.