Bharti m-cap takes Rs 3,779 cr hit as stock slumps 4%
Mumbai: Falling for the second day in a row Wednesday, shares of Bharti Airtel declined by up to 4 percent, eroding Rs 3,779 crore from its market value, amid reports of company's downgrade.
After plunging over 4 percent during the day, shares of the company finally settled at Rs 248.70, down 3.85 percent on the BSE. The stock also hit a 52-week low of Rs 248 during the day.
On the NSE, the stock closed at Rs 248.25, down 3.98 percent.
The scrip was the top loser on the Sensex, which ended flat at 17,846.86, down 38.4 points.
In the process, the telecom major's market valued dropped Rs 3,779 crore to Rs 94,444 crore.
"Bharti is seeing selling pressure since the last few days. The stock has seen string of downgrades from major broking houses recently. The company's performance has seen weakness in the recent quarter. The margin squeeze is expected to remain in the light of competition," Milan Bavishi Head Research Inventure Growth & Securities said.
In the previous session also, the stock had closed with over one percent loss.