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Bharti Airtel shares fell over 3 per cent on Tuesday after Icra downgraded the company’s long-term rating due to higher provisioning in its latest quarterly results following the Supreme Court judgement on AGR and spectrum charges.
The stock of Bharti Airtel fell 3.41 per cent to trade at ₹435.90 on the BSE. On the NSE, the scrip slumped 3.46 per cent to ₹435.75.
Icra on Monday downgraded the company’s long-term rating to AA-, while reaffirming the short-term rating at A1+. “The revision in the long-term rating factors in the recognition of higher than anticipated provision pertaining to the Supreme Court judgement on dues payable towards license fees on adjusted gross revenues (AGR) as well as spectrum usage charge in the latest quarterly results,” the ratings agency said.
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