Bharti shares technically vulnerable: analyst

Bharti stock started to tumble after Sunil Mittal was summoned in a corruption case on Tuesday

Bharti Airtel Ltd shares are in a "perfect head and shoulders pattern", making the stock vulnerable to further falls to 260-265 rupee levels, says A K Prabhakar, an analyst at brokerage AnandRathi.

"The stock is a perfect head and shoulders pattern on daily and weekly charts with rising volumes and had the largest volumes being traded yesterday, suggesting sustained weakness which can bring in more selling pressure," Prabhakar wrote in an email to clients.

Shares of India's top mobile operator were up 0.2 percent at 294.10 rupees, having fallen 4.6 percent on Tuesday after its chairman was ordered to appear in court in a case over alleged corruption in allocating mobile phone bandwidth more than a decade ago.

 

Bharti shares are down 7.5 percent so far this year.