Airtel shares see sharp recovery, surge 8%
Shares of Bharti Airtel on Wednesday made a smart recovery, paring early losses and surged nearly 8 percent even as the company reported its lowest quarterly profit in four years for the January-March period.
New Delhi: Shares of Bharti Airtel on Wednesday made a smart recovery, paring early losses and surged nearly 8 percent even as the company reported its lowest quarterly profit in four years for the January-March period.
The stock which opened on a weak note later pared the losses and ended at Rs 372.70, up 7.87 percent on BSE. During the day, it soared 10 percent to Rs 380.05.
On NSE, shares of the company zoomed 7.96 percent to end at Rs 372.75.
The stock was the top gainer on Sensex and Nifty.
The sharp surge in the stock boosted the market valuation of the company by Rs 10,873.1 crore to Rs 1,48,983.10 crore.
Steep rally in the stock market also helped buying in the stock.
In terms of volume, 16.35 lakh shares of the company were traded on BSE and over 2 crore shares changed hands on NSE during the day.
Country's largest telecom firm Bharti Airtel yesterday reported its lowest quarterly profit in four years as net earnings fell 72 percent in January-March, hit by "sustained predatory pricing" by rival Reliance Jio.
The net profit in the quarter ended March 2017 stood at Rs 373.4 crore (or Rs 0.93 a share), nearly a fourth of the Rs 1,319.2 crore (or Rs 3.30 a share) notched in the year-ago period.
Bharti Airtel -- which has 372.4 million customers in 17 countries -- saw its total revenue decline by 12 percent during the fourth quarter to Rs 21,934.6 crore from Rs 24,959.6 crore in the same period last fiscal.