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Shares of telecom major Bharti Airtel surged by over 3 per cent in opening trade on the Bombay Stock Exchange on Tuesday, even though the company reported an over 40 per cent dip in net profit for the quarter ended December 31, 2010.
The company announced a 40.62 per cent decline in the third quarter net profit to Rs 1,303.3 crore this morning. It had registered a net profit of Rs 2,194.9 crore in the corresponding period of the 2009-10 financial year.
However, in spite of the lower earnings, Bharti shares rose 3.52 per cent to an early high of Rs 325.70 on the BSE.
The scrip lost 6.6 per cent during the previous four trading sessions.
Similarly, the stock rose by 2.74 per cent to an early high of Rs 325.80 on the National Stock Exchange.
In terms of volume, over 36 lakh shares changed hands on the two bourses within the first thirty minutes of trade.
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