Shares of the country's largest telecom firm Bharti Airtel witnessed heavy volatility in morning trade on bourses after the company posted a 38.17% fall in second quarter consolidated net profit to Rs 1,027 crore.
Shares of the company opened weak and dipped over 1.63% to a low of Rs 386.15 on the BSE. However, the stock quickly regained the lost ground to witness a high of Rs 400.60 in early.
At 1039 hours, shares of Bharti Airtel were trading at Rs 396.75 apiece, up 1.07%, on the BSE.
Similar movement was seen on the National Stock Exchange, where the scrip after opening low, fell 2.12% to an early low of Rs 385.05.
The scrip later recovered to an early high of Rs 400.50 and was trading at Rs 396.55 on the NSE at 1039 hours.
Ashika Stock Brokers Research Head Paras Bothra said, "The results were in line with market expectations. The worst seems to be over for the telecom sector. From now onward, the market is expecting only positive surprises from this sector as well as Bharti Airtel."
The company saw a dip in its September quarter net profit due to higher interest outgo and costs related to the roll-out of its 3G network.
This is the seventh straight quarter in which Bharti Airtel has reported a consecutive decline in its net profit.
In the corresponding quarter ended September 30 last year, the company had registered a consolidated net profit of Rs 1,661 crore.
