Bharti Airtel shares slump nearly 7% ahead of Q2 earnings

Shares of Bharti Airtel plunged nearly 7 per cent Thursday ahead of announcement of its second quarter results.

Erasing all its Wednesday's sharp gains, shares of the company Thursday ended 6.60 per cent down at Rs 295.85 on emergence of profit-booking at BSE. During the trade, it slumped 7.48 per cent to Rs 293.05.

At NSE, shares of the telecom major tumbled 6.28 per cent to Rs 296.

Following the sharp fall in the stock, the company's market valuation got eroded by Rs 8,354.57 crore to Rs 1,18,263.08 crore on BSE.

The stock was the worst hit among the blue chips on both the key indices during the day.

In terms of equity volume, 5.17 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

Shares of Bharti Airtel surged nearly 11 per cent Wednesday after global investors, including Warburg Pincus, Temasek and Singtel, agreed to invest USD 1.25 billion in its unit Airtel Africa.