NEW DELHI, July 26: Shares of Bharti Airtel fell by over 1 per cent today after the company reported its smallest profit in 18 quarters as the price war triggered by newcomer Reliance Jio led to a massive 75 per cent fall in its April- June earnings.
Even after a positive opening, shares of the company failed to hold on to the gains and later dipped 1.39 per cent to Rs 421.65 on BSE.
At NSE, shares of the company fell by 1.41 per cent to Rs 421.75.
The net profit for June quarter of 2017-18 at Rs 367 crore was 74.9 per cent lower than the year-ago period, and the company blamed the disruptive pricing of the new entrant for continued “turbulence” and stress in the market.
The net income for the Sunil Mittal company stood at Rs 1,462 crore in the first quarter of 2016-17.
The June quarter net profit is the lowest since December 2012 for Bharti Airtel which along with other established telecom firms has been engaged in a fierce tariff war with Mukesh Ambani-controlled Reliance Jio. (PTI)
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