Day after: telecom stocks ebb

A day after the Supreme Court verdict cancelling 122 2G telecom licences, most telecom stocks showed a muted performance on the Bombay Stock Exchange (BSE) on Friday. HT reports.

A day after the Supreme Court verdict cancelling 122 2G telecom licences, most telecom stocks showed a muted performance on the Bombay Stock Exchange (BSE) on Friday.

Bharti Airtel rose 0.7% to Rs 386, against an increase of 7.0% on Thursday, while Idea Cellular, which had risen 2.7% on Thursday lost 2.1% on Friday to end at Rs 94. Reliance Communication down by 3.3% to close at Rs 94.

“Things are still very uncertain because there is the possibility of the government filing a review, with the affected operators being a party and it’s unlikely that telecom stocks will see a sustained rally,” said Rahul Gupta, senior manager, Strategy Analytics.

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