Bharti Airtel on Wednesday settled 1.26 per cent down after the company posted its first fall in earnings in three years in the fourth quarter ended March 31, 2010.
Shares of Bharti Airtel settled at Rs 294.50 on the Bombay Stock Exchange, down 1.26 per cent from its previous close. During the day trade, the stock fell 2.09 per cent to a low of Rs 292.
Bharti Airtel reported a decline of 8 per cent in net profit to Rs 2,060 crore for the fourth quarter.
"The stock followed the broader market and fell. The telecom stocks are under pressure and hence the stock is also falling along with its peer scrips. The stock is under pressure and even the results did not bring any relief," SMC Capital Vice President Rajesh Jain said.
On the National Stock Exchange, the stock closed at Rs 293.80, down 1.51 per cent.
A total of 72.07 lakh shares of Bharti Airtel changed hands on both the bourses.
The benchmark Sensex closed down 310.54 points, or 1.76 per cent, at 17,380.08 points, the sharpest fall since February five.
Total revenues of the company rose to Rs 10,056 crore for the quarter ended March 31, 2009-10, up 2 per cent from Rs 9,825 crore in the same period last fiscal.
Revenues for telecom operators have come under pressure with the entry of 14 new players, as they are are offering rock bottom tariff to woo customers.
{{/usCountry}}Revenues for telecom operators have come under pressure with the entry of 14 new players, as they are are offering rock bottom tariff to woo customers.
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