Business Standard

Bharti Airtel shares fall over 3 pc as firm defers Sept quarter results on AGR issue


Press Trust of India New Delhi
Shares of Bharti Airtel on Tuesday fell over 3 per cent after the company deferred the September quarter result announcement till November 14, due to the adjusted gross revenue (AGR) issue.
The scrip declined 3.41 per cent to close at Rs 359.95 on the BSE. During the day, it dropped 5.19 per cent to Rs 353.30.
It was the worst hit among the 30-Sensex components.
On the National Stock Exchange (NSE), it fell 3.29 per cent to close at Rs 360.80.
In terms of traded volume, 11.40 lakh shares of the company were traded on the BSE and 3.6 crore shares on the NSE during the day.
Bharti Airtel has deferred the release of its second-quarter earnings report till November 14 as it sought clarity and "support" from the government on Rs 42,000-crore statutory dues it owes to the exchequer following the Supreme Court judgment.
It was scheduled to announce earnings for the July-September quarter on Tuesday but in a notice to the stock exchanges, it said the same is now being deferred till November 14.
Airtel, Vodafone-Idea and other telecom operators may have to pay the government a whopping Rs 1.42 lakh crore following the Supreme Court order last week that sent shock waves through an industry already grappling with billions of dollars in debt and an intense tariff war to retain customers.

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First Published: Oct 29 2019 | 4:30 PM IST

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