Shares of Bajaj Auto and Bharti Airtel lost 1.67% to 1.7% at 12:33 IST on BSE on reports the Nigeria's central bank devalued the naira by 8% and raised interest rates sharply on Tuesday, 25 November 2014.
Bajaj Auto (down 1.67% at Rs 2,596.80) and Bharti Airtel (down 1.7% at Rs 396.30) edged lower.
Meanwhile, the S&P BSE Sensex was down 38.38 points or 0.14% at 28,299.67.
Bajaj Auto had underperformed the market over the past one month till 25 November 2014, gaining 4.46% compared with the Sensex's 5.54% rise. The scrip had, however, outperformed the market in past one quarter, surging 17.16% as against Sensex's 7.19% rise.
Bharti Airtel had underperformed the market over the past one month till 25 November 2014, sliding 1.87% compared with the Sensex's 5.54% rise. The scrip had, however, outperformed the market in past one quarter, surging 9.23% as against Sensex's 7.19% rise.
Nigeria's central bank reportedly devalued the naira by 8% and raised interest rates sharply on Tuesday, 25 November 2014.
According to reports, Nigeria accounts for nearly 12% of Bajaj Auto's revenues. Meanwhile, a foreign brokerage downgraded Bajaj Auto to "sell" from "neutral", saying falling emerging market currencies would impact margins.
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.
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