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Bharti Airtel shares decline over 3% after March quarter results fail to lift investors' sentiment

New Delhi: Shares of Bharti Airtel declined over 3 percent on Tuesday after its March quarter results failed to lift investors' sentiment.

The scrip fell 3.10 percent to close at Rs 323.05 on the BSE. During the day, it dropped 3.71 percent to Rs 321.

 Bharti Airtel shares decline over 3% after March quarter results fail to lift investors sentiment

Representative image. Reuters

On the National Stock Exchange (NSE), its shares declined 2.87 percent to close at Rs 323.85 apiece.

In terms of traded volume, 5.72 lakh shares were traded on the BSE and over one crore units on the NSE during the day.

Telecom operator Bharti Airtel on Monday reported a surprise 29 percent surge in March quarter net profit as exceptional income gains and Africa business helped offset losses in India mobile services operations.

The company, whose profitability has been battered by intense price competition posed by richest Indian Mukesh Ambani's Reliance Jio, earned a net profit of Rs 107.2 crore in the January-March period as against Rs 82.9 crore it earned in the corresponding period of the previous fiscal.

This is the first rise in profit after several quarters for the company. Revenue soared 6.2 per cent to Rs 20,602.2 crore for the three months ended 31 March, 2019.

The firm had an exceptional income gain of Rs 2,022.1 crore in the quarter, it said in a regulatory filing to stock exchanges.
Airtel neither issued the customary press release detailing earnings statement and management commentary nor provided average revenue per user, a key metrics tracked by analysts.

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Updated Date: May 07, 2019 19:08:26 IST