Comments
Shares of Bharti Airtel fell over 1 per cent today after the company reported its lowest profit in 18 quarters as the price war triggered by newcomer Reliance Jio led to a massive 75 per cent fall in its April-June earnings.
Even after a positive opening, shares of the company failed to hold on to the gains and later dipped 1.39 per cent to Rs 421.65 on the BSE. On the NSE, the shares fell 1.41 per cent to Rs 421.75.
The company's net profit for June quarter of 2017-18 at Rs 367 crore was 74.9 per cent lower than the year-ago period. Bharti Airtel has blamed the disruptive pricing of the new entrant for continued “turbulence” and stress in the market.
Net income for the Sunil Mittal company stood at Rs 1,462 crore in the first quarter of 2016-17. The June quarter net profit is the lowest since December 2012 for Bharti Airtel which along with other established telecom firms has been engaged in a fierce tariff war with Mukesh Ambani-controlled Reliance Jio.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.