Bharti Airtel slips after UIDAI temporarily suspends eKYC license

Bharti Airtel fell 0.35% to Rs 517.15 at 09:57 IST on BSE after the Aadhaar body UIDAI prohibited the company from conducting e-KYC for existing and new customers.

The announcement was made on Sunday, 17 December 2017.

Meanwhile, the S&P BSE Sensex was down 4.71 points, or 0.01% to 33,458.26.

On the BSE, 31.57 lakh shares were traded in the counter so far, compared with average daily volumes of 9.57 lakh shares in the past two weeks. The stock had hit a high of Rs 521 and a low of Rs 485 so far during the day. The stock hit a 52-week high of Rs 565 on 3 November 2017. The stock hit a 52-week low of Rs 289.25 on 26 December 2016.

Bharti Airtel announced that on 16 December 2017, the company and Airtel Payments Bank (APBL) (a subsidiary of Airtel), were served with an interim order dated 15 December 2017 by the Unique Identification Authority of India, Government of India (UIDAI) directing suspension of the e-KYC license key of Airtel / APBL with immediate effect. The company said it is engaging with UIDAI to resolve this at the earliest.

The action reportedly follows allegations of Bharti Airtel using the Aadhaar-eKYC based SIM verification process to open payments bank accounts of its subscribers without their 'informed consent'.

Bharti Airtel's consolidated net profit fell 63.7% to Rs 586.10 crore on 11.7% decline in net sales to Rs 21776.90 crore in Q2 September 2017 over Q2 September 2016.

Bharti Airtel is a leading global telecommunications company.

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