Bharti Airtel lost 2.63% to Rs 344.90 at 11:22 IST on BSE after a foreign brokerage downgraded the stock and reduced its target price citing competition.
Meanwhile, the BSE Sensex was up 92.06 points, or 0.36%, to 25,565.95
On BSE, so far 1.99 lakh shares were traded in the counter, compared with an average volume of 2.72 lakh shares in the past one quarter.
The stock hit a high of Rs 352.15 and a low of Rs 339.70 so far during the day. The stock hit a 52-week high of Rs 373.50 on 1 November 2013. The stock hit a 52-week low of Rs 274.50 on 11 June 2013.
The stock had outperformed the market over the past one month till 11 June 2014, gaining 14.24% compared with the Sensex's 10.78% rise. The scrip also outperformed the market in past one quarter, gaining 16.96% as against Sensex's 16.71% rise.
The large-cap company has an equity capital of Rs 1998.70 crore. Face value per share is Rs 5.
A foreign brokerage downgraded the Bharti Airtel stock to 'underperform' from 'neutral' and reduced its target price to Rs 265 from Rs 275 citing competition from rival Reliance Jio Infocomm, a unit of Reliance Industries (RIL).
"Given its large spectrum holding and ongoing large-scale investments, we believe Reliance Jio Infocomm's network at launch can add significant capacity to the sector which is 60-80% of Bharti Airtel's current installed capacity," the brokerage said in a report.
Bharti Airtel's consolidated net profit jumped 89.1% to Rs 961.60 crore on 13.6% growth in total income to Rs 22260.50 crore in Q4 March 2014 over Q4 March 2013.
Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks amongst the top 4 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Bharti Airtel had over 295 million customers across its operations at the end of March 2014.
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