Bharti Airtel shares fall over 3% as firm defers September quarter results on AGR issue

Shares of Bharti Airtel on Tuesday fell over 3 percent after the company deferred the September quarter result announcement till 14 November, due to the adjusted gross revenue (AGR) issue

Press Trust of India October 29, 2019 17:54:04 IST
Bharti Airtel shares fall over 3% as firm defers September quarter results on AGR issue
  • Shares of Bharti Airtel on Tuesday fell over 3 percent after the company deferred the September quarter result announcement till 14 November, due to the adjusted gross revenue (AGR) issue

  • During the day, it dropped 5.19 percent to Rs 353.30

  • Bharti Airtel has deferred the release of its second-quarter earnings report till 14 November as it sought clarity and 'support' from the government on Rs 42,000-crore statutory dues it owes to the exchequer following the Supreme Court judgment.

New Delhi: Shares of Bharti Airtel on Tuesday fell over 3 percent after the company deferred the September quarter result announcement till 14 November, due to the adjusted gross revenue (AGR) issue.

The scrip declined 3.41 percent to close at Rs 359.95 on the BSE. During the day, it dropped 5.19 percent to Rs 353.30.

It was the worst hit among the 30-Sensex components.

Bharti Airtel shares fall over 3 as firm defers September quarter results on AGR issue

Representational image. Reuters.

On the National Stock Exchange (NSE), it fell 3.29 percent to close at Rs 360.80.

In terms of traded volume, 11.40 lakh shares of the company were traded on the BSE and 3.6 crore shares on the NSE during the day.

Bharti Airtel has deferred the release of its second-quarter earnings report till 14 November as it sought clarity and "support" from the government on Rs 42,000-crore statutory dues it owes to the exchequer following the Supreme Court judgment.

It was scheduled to announce earnings for the July-September quarter on Tuesday but in a notice to the stock exchanges, it said the same is now being deferred till 14 November.

Airtel, Vodafone-Idea and other telecom operators may have to pay the government a whopping Rs 1.42 lakh crore following the Supreme Court order last week that sent shock waves through an industry already grappling with billions of dollars in debt and an intense tariff war to retain customers.

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