Bharti Airtel slipped 2.52% to Rs 274.55 at 14:05 IST on BSE, after the Supreme Court ruled that the telecom major cannot add new 3G customers in seven circles till its final order.
Meanwhile, the S&P BSE Sensex was up 130.19 points or 0.71% at 18,544.64.
On BSE, 3.35 lakh shares were traded in the counter as against average daily volume of 5.90 lakh shares in the past one quarter.
The stock hit a high of Rs 282 and a low of Rs 271.70 so far during the day. The stock had hit a 52-week high of Rs 370.40 on 25 January 2013. The stock had hit a 52-week low of Rs 238.50 on 30 August 2012.
The stock had underperformed the market over the past one month till 10 April 2013, sliding 12.83% compared with the Sensex's 6.45% fall. The scrip had also underperformed the market in past one quarter, declining 14.63% as against Sensex's 6.35% fall.
The large-cap company has equity capital of Rs 1898.76 crore. Face value per share is Rs 5.
The Supreme Court in its ruling today, 11 April 2013, said that Bharti Airtel cannot acquire new 3G customers outside its licensed zones pending final order. The apex court has allowed Bharti to continue offering 3G services outside its licensed zones to existing customers, media report said. The apex court also directed the government not to take coercive steps on issue of penalty against Airtel.
The apex court was hearing the petition filed by Bharti Airtel challenging the Delhi High Court's order giving its nod to the Centre's decision holding the 3G roaming pact of the telecom major as illegal. The high court's division bench had passed the order on a plea by Reliance Communications challenging the single judge's order saying it has been incurring huge losses for the 3G on a daily basis and Bharti has been using it free of cost. The Department of Telecommunications (DoT) had on 15 March 2013 issued a notification restraining Bharti from providing 3G intra-circle roaming facilities in seven circles where it did not have the spectrum and also levied a penalty of Rs 350 crore (Rs 50 crore per circle) for allegedly violating the licence terms and conditions.
Bharti Airtel's consolidated net profit declined 71.9% to Rs 283.70 crore on 9.5% growth in net sales to Rs 20239.50 crore in Q3 December 2012 over Q3 December 2011.
Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa. Headquartered in New Delhi, the company ranks amongst the top 4 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce.
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