Bharti Airtel shares down over 1% post Q1 earnings
New Delhi: Shares of Bharti Airtel fell by over 1% on Wednesday after the company reported its smallest profit in 18 quarters as the price war triggered by newcomer Reliance Jio led to a massive 75% fall in its April- June earnings.
Even after a positive opening, shares of the company failed to hold on to the gains and later dipped 1.39% to Rs421.65 on the Bombay Stock Exchange (BSE). At the National Stock Exchange (NSE), shares of the company fell by 1.41% to Rs421.75.
The net profit for June quarter of 2017-18 at Rs367 crore was 74.9% lower than the year-ago period, and the company blamed the disruptive pricing of the new entrant for continued “turbulence” and stress in the market.
The net income for the Sunil Mittal company stood at Rs1,462 crore in the first quarter of 2016-17.
The June quarter net profit is the lowest since December 2012 for Bharti Airtel which along with other established telecom firms has been engaged in a fierce tariff war with Mukesh Ambani-controlled Reliance Jio.