Shares of Bharti Airtel fell over four per cent in early trade on the bourses today, after the telecom major posted a sharp decline in profits for the fourth quarter ended March 31, 2013.
The company’s standalone net profit declined by 31.1 per cent to Rs 1,084.4 crore for the fourth quarter ended March 31, 2013, while on a consolidated basis, the profits slumped as much as 49.4 per cent to Rs 509 crore.
Reacting to the numbers, the scrip fell 4.23 per cent to an early low of Rs 305.25 on the BSE.
A similar movement was witnessed on the National Stock Exchange, where the stock after opening at Rs 308, fell 4.9 per cent to an early low of Rs 303.10.
The scrip, however, gained some lost ground and was trading at Rs 317.10, down 0.52 per cent on the BSE and trading up by 0.64 per cent at Rs 320.80 on the NSE.
The company said that its net profit was down mainly due to increase in expenses and a tax charge.
It had to cough up Rs 458.6 crore as tax during the quarter, which is 66 per cent higher than Rs 276.1 crore it paid during January-March quarter previous fiscal, according to a regulatory filing.
Marketmen said the decline in the counter was largely a knee-jerk reaction to the quarterly numbers which was below market expectations.