Bharti Airtel dips 4% as investors book profit amid ICRA's rating downgrade

ICRA downgraded Bharti Airtel's long-term rating from "AA" to "AA-"on higher than anticipated provision for dues towards license fees on adjusted gross revenues (AGR) and spectrum usage charge.

Bharti Airtel shares slumped 4 per cent to Rs 435 on the BSE on Tuesday after rating agency ICRA downgraded the company’s long-term rating from "AA" to "AA-"on higher-than-anticipated provision for dues towards license fees on adjusted gross revenues (AGR) and spectrum usage charge.

The telecom services provider's stock hit a multi-year high of Rs 456 in intra-day trade on Monday. In past seven trading days, it rallied 24 per cent, as compared to 1.5 per cent rise in the S&P BSE Sensex till Monday.

Although Bharti Airtel has not tied up funds for the same, this liability,