Bharti Airtel shares down over 3%; top loser on Sensex

Shares of Bharti Airtel today fell by over 3 per cent, wiping-out Rs 5,315.75 crore from its market valuation, after the telecom company's March quarter net profit failed to enthuse investors.
The stock ended the day 3.32 per cent lower at Rs 387.50 on the BSE. During the day, it fell by 4.29 per cent to Rs 383.60.
The stock was the worst performer among the 30-Sensex constituents.
On the NSE, the blue-chip scrip lost 3.34 per cent to close the day at Rs 387.35.
Led by decline in the stock price, the company's market value dropped by Rs 5,315.75 crore to Rs 1,54,899.25 crore.

Analysts said weakness in the broader market and profit- booking also led to selling in the stock.

Bharti Airtel yesterday reported a 30.5 per cent jump in net profit at Rs 1,255 crore for the January-March quarter of last fiscal, buoyed by a robust customer growth and rise in mobile data revenue.
Some marketmen said investors however were expecting stronger results.
The Sunil Bharti Mittal-led company had reported a net profit of Rs 962 crore for the corresponding period last year.
Total revenue of the firm rose 3.6 per cent to Rs 23,016 crore for the reported quarter as compared with Rs 22,219 crore in the year-ago period, Airtel had said in a statement.

On yearly basis, the net profit soared 86.9 per cent to Rs 5,183 crore for FY 2014-15 as compared with Rs 2,773 crore in the previous fiscal.
Total revenue for the entire 2014-15 fiscal rose 7.3 per cent to Rs 92,039 crore as against Rs 85,746 crore in the preceding financial year.
Net debt of the company stood at Rs 66,841.7 crore at the end of March 2015.
In the broader market, the BSE 30-share key index Sensex ended at 27,225.93, down 170.45 points.