FDI delays trip Bharti Tele-Ventures

DALAL STREET SPIKES

Bharti Tele-Ventures was the biggest loser among the Sensex stocks on Friday owing to concerns that the government nod to hike foreign direct investment (FDI) in the telecom sector will be delayed.

The stock, in intra-day trades, crashed nearly 4.7 per cent to touch a low of Rs 127.80 before closing at Rs 132.40, down 3.36 per cent from its previous close. The counter witnessed a volume of 28.06 lakh shares on the Bombay Stock Exchange (BSE).

Market analysts said concerns of delay in FDI hike in the telecom sector has resulted in selling by market participants. The stock has been witnessing selling pressure over the past few days as it crashed from Rs 174 on May 6 to the today's close of Rs 132.40.

The increase in FDI limit in the telecom sector was one of the triggers for the jump in the stock price to its peak of Rs 172.

However, with a possible delay in the announcement of FDI hike, the stock is getting hammered, said analysts.