Bharti Airtel extends Thursday's decline

Bharti Airtel lost 2.08% to Rs 334.45 at 13:10 IST on BSE, with the stock extending Thursday's fall triggered by a foreign brokerage downgrading the stock and reducing its target price citing competition.

Meanwhile, the S&P BSE Sensex was down 147.80 points or 0.58% at 25,428.41.

On BSE, so far 1.83 lakh shares were traded in the counter as against average daily volume of 2.74 lakh shares in the past one quarter.

The stock hit a high of Rs 343.90 and a low of Rs 333.10 so far during the day. The stock hit a 52-week high of Rs 373.50 on 1 November 2013. The stock hit a 52-week low of Rs 274.50 on 11 June 2013.

The stock had underperformed the market over the past one month till 12 June 2014, surging 7.49% compared with Sensex's 8.6% rise. The scrip had also underperformed the market over the past one quarter, jumping 13.93% as against Sensex's 17.02% rise.

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

Shares of Bharti Airtel have declined 5.57% in two trading sessions from Rs 354.20 on 11 June 2014, after a foreign brokerage downgraded the stock and reduced its target price citing competition. The stock had lost 3.57% to settle at Rs 341.55 on Thursday, 12 June 2014.

A foreign brokerage downgraded the Bharti Airtel stock to 'underperform' from 'neutral' and reduced its target price to Rs 265 from Rs 275 citing competition from rival Reliance Jio Infocomm, a unit of Reliance Industries (RIL).

Bharti Airtel's consolidated net profit jumped 89.1% to Rs 961.60 crore on 13.5% growth in net sales to Rs 22219.30 crore in Q4 March 2014 over Q4 March 2013.

Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa.

Powered by Capital Market - Live News