Bharti Airtel fell 3.06% to Rs 331.30 at 12:53 IST on BSE, with the stock extending recent losses triggered by the company slashing rates for prepaid internet data plan.
Meanwhile, the BSE Sensex was up 262.64 points, or 0.94%, to 28,165.30.
On BSE, so far 1.36 lakh shares were traded in the counter, compared with average daily volume of 3.24 lakh shares in the past one quarter. The stock hit a high of Rs 342.65 and a low of Rs 331.10 so far during the day. The stock hit a 52-week high of Rs 384.90 on 28 April 2016. The stock hit a 52-week low of Rs 282.30 on 29 January 2016. The stock had underperformed the market over the past 30 days till 29 August 2016, falling 5.61% compared with 0.53% slide in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 2.82% as against Sensex's 4.63% rise.
The large-cap company has equity capital of Rs 1,998.70 crore. Face value per share is Rs 5.
Shares of Bharti Airtel have fallen 4.29% in three trading sessions from its close of Rs 346.15 on Thursday, 25 August 2016.
Bharti Airtel cut prices of mobile data services for prepaid customers by announcing the launch of two new 4G/3G data plans recently. The move comes ahead of the commercial launch of 4G services from Reliance Jio Infocomm. As per reports, Reliance Jio Infocomm, a unit of Reliance Industries, is expected to launch commercial 4G telecom services in the coming weeks.
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Bharti Airtel's Rs 1498 pack offers 1GB 4G/3G data upfront with a validity of 28 days. Post exhaustion of this data limit, the customer can enjoy 1GB 4G/3G recharges for just Rs 51 over a period of 12 months. There is no limit on the number of recharges during the period and higher the number of recharges the more value a customer gets. Similarly, the Rs 748 pack offers 1GB 4G/3G data upfront and post exhaustion of this data limit, customers can enjoy 1GB 4G/3G recharges for just Rs 99 over a period of six months. There is no limit on the number of recharges during the period.
By offering these schemes, Bharti Airtel reportedly attempted to keep its customers tied up to year-long plans and stop them from porting out.
On a consolidated basis, Bharti Airtel's net profit declined 30.8% to Rs 1462 crore on 7.9% growth in net sales to Rs 25546.50 crore in Q1 June 2016 over Q1 June 2015.
Bharti Airtel ranks amongst the top three mobile service providers globally in terms of subscribers. The company has its operations in 18 countries across Asia and Africa.
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