Reuters Market Eye - Bajaj Auto falls 1.4 pct, while Bharti Airtel is down 2.4 pct.
Nigeria's central bank devalued the naira by 8 percent and raised interest rates sharply on Tuesday.
Nearly 12 percent of Bajaj Auto's revenues come from Nigeria - analysts.
Bharti Airtel entered Africa in 2010 by acquiring loss-making telecoms operations for $9 billion, funded by debt.
Nigeria is Bharti Airtel's biggest market in Africa.
UBS downgrades Bajaj Auto to "sell" from "neutral", saying falling emerging market currencies would impact margins.
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(Reporting by Abhishek Vishnoi)
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