Bajaj Auto, Bharti Airtel fall after Nigeria devalues naira

Image
Reuters
Last Updated : Nov 26 2014 | 1:56 PM IST

Reuters Market Eye - Bajaj Auto falls 1.4 pct, while Bharti Airtel is down 2.4 pct.

Nigeria's central bank devalued the naira by 8 percent and raised interest rates sharply on Tuesday.

Nearly 12 percent of Bajaj Auto's revenues come from Nigeria - analysts.

Bharti Airtel entered Africa in 2010 by acquiring loss-making telecoms operations for $9 billion, funded by debt.

Nigeria is Bharti Airtel's biggest market in Africa.

UBS downgrades Bajaj Auto to "sell" from "neutral", saying falling emerging market currencies would impact margins.

Also Read

(Reporting by Abhishek Vishnoi)

More From This Section

First Published: Nov 26 2014 | 1:46 PM IST

Next Story