Bharti Airtel-Idea Cellular opens with gain-Investors dump telecom stocks-Bharti Airtel falls 8% to 42-month low

After yesterdays loss Bharti Airtel has touched an intraday high of Rs 268.55 and an intraday low of Rs 258.70. At 09:20 hrs the share was quoting at Rs 267.00, up Rs 5.45, or 2.08%.

Bharti Airtel Idea Cellular opens with gain Investors dump telecom stocks Bharti Airtel falls 8% to 42 month low

It was trading with volumes of 527,362 shares, compared to its 5-day and 30-day average of 1,176,856 and 818,982 shares. Yesterday the share closed down 8.29% or Rs 23.65 at Rs 261.55.

The company touched its 52 week high Rs 495.00 and 52 week low Rs 229.50 on 19 May, 2009 and 27 Nov, 2009, respectively. Currently, it is trading -46.06% below its 52-week high and 16.34% above its 52-week low.

Market capitalization stands at Rs 101,394.05 crore.

Bharti Airtel Ltd’s scrip fell 8.29% to Rs261.55, its lowest in at least three-and-a-half years when declared on Wednesday. Idea Cellular Ltd’s shares hit a five-month low as it shed 8.21% to Rs54.8. Tata Teleservices (Maharashtra) Ltd lost 3.23% on a day when the broader market ended up marginally.

Investors dumped shares of telecom companies for a second day in a row on fears that the telecom regulator’s proposals on spectrum pricing may increase expenditure and hurt profits. Analysts warned that these stocks could slide further if the regulator’s recommendations are implemented in the current form.

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About Saurabh Pal

I have keen interest in Sports, Cricket & News and with my experience in creative content writing , I try to research more & provide you with concise, useful & enjoyable News

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