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Shares of mobile tower company Bharti Infratel plunged over 10 per cent on Thursday after the company’s quarterly earnings came in almost flat. The scrip tumbled 10.33 per cent to close at Rs 270.95 on the BSE. During the day, it dived 14.61 per cent to Rs 258.
On the National Stock Exchange (NSE), shares plunged 9.61 per cent to close at Rs 272.50 apiece. Bharti Infratel on Wednesday posted a consolidated net profit of Rs 608 crore in the quarter ended March, almost flat on year, as consolidation in the telecom sector resulted in reduced tenancies.
The company had posted a consolidated profit after tax of Rs 606 crore in the corresponding period a year ago. The consolidated revenue of Bharti Infratel came in at Rs 3,600 crore for the January-March quarter, 2 per cent lower than Rs 3,662 crore in the March 2018 quarter.
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