The share price of Bharti Tele-Ventures touched an all-time low today on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The scrip, which opened at Rs 51.9 and Rs 55 on BSE and NSE, respectively, on February 18, the day it got listed, touched a low of Rs 30.65 on BSE and Rs 30.55 on NSE today.
The scrip made some gains during the day and closed at Rs 31.10 on BSE and Rs 31 on NSE. Combined traded volume on the bourses stood at 9,13,960 shares.
The scrip has been on the downside ever since it got listed. Bharti had priced its initial public offering (IPO) at Rs 45 per share and raised Rs 834 crore to fund its expansion plans.
The IPO represented 10 per cent of the company's capital. The issue price was determined after a book building process.
Analysts said the market is apprehensive about the performance of the company given the huge investments made by the company and the long gestation period in the telecom business.
"After WorldCom's accounting debacle, the market is wary about telecom companies," said analysts.
Bharti Tele-Ventures is planning to raise up to Rs 1,200 crore in debt during the year to March 2003 to help it fund its expansion plans. The company has already raised around Rs 500-600 crore, most of it in the form of term loans from banks and financial institutions.
During the fourth quarter, Bharti Tele-Ventures registered a net loss of Rs 55.1 crore against Rs 41.75 crore, sequentially. The company's revenues during the quarter stood at Rs 458 crore, up 10 per cent against Rs 417.37 crore recorded in the previous quarter.
