Bharti Airtel drops on profit booking

Bharti Airtel lost 1.34% to Rs 399.95 at 9:58 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was up 107.85 points or 0.34% at 31,823.49.

On the BSE, 1.51 lakh shares were traded on the counter so far as against the average daily volumes of 3.56 lakh shares in the past one quarter. The stock had hit a high of Rs 406 and a low of Rs 399.15 so far during the day. The stock had hit a 52-week high of Rs 410 on 10 July 2017 and a 52-week low of Rs 283.95 on 9 November 2016.

The stock had outperformed the market over the past one month till 10 July 2017, advancing 10.19% compared with the Sensex's 1.45% rise. The stock had also outperformed the market over the past one quarter, gaining 17.34% as against the Sensex's 7.24% rise. The scrip had, however, underperformed the market over the past one year, advancing 14.2% as against the Sensex's 16.92% rise.

The large-cap company has equity capital of Rs 1998.70 crore. Face value per share is Rs 5.

Shares of Bharti Airtel had surged 7.73% in the preceding three trading sessions to settle at Rs 405.40 yesterday, 10 July 2017, from its closing of Rs 376.30 on 5 July 2017.

Meanwhile, Bharti Airtel at the fag end of market hours yesterday, 10 July 2017 announced the launch of Project Next - its digital innovation program aimed at transforming customer experience across all of its services and touch points.

Airtel said it plans to invest up to Rs 2000 crore over the next 3 years under Project Next to launch several exciting digital innovations to step change the simplicity and interactivity of the Airtel customer experience. Project Next complements Airtel's massive investments towards building a future ready network under Project Leap.

Bharti Airtel's consolidated net profit fell 69.2% to Rs 470.6 crore on 12.1% decline in net sales to Rs 21934.60 crore in Q4 March 2017 over Q4 March 2016.

Bharti Airtel is a leading global telecommunications company with operations in 17 countries across Asia and Africa.

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