A near 25 per cent drop in net profit in the third quarter of the current fiscal led Bharti Airtel stock to shed some of its gains in recent weeks, particularly after the Supreme Court judgment in the 2G telecom case, when established players in the telecom space like Bharti were believed to benefit from any churning in the telecom sector.
The stock negatively reacted to the results on both the BSE and NSE. While on the BSE, the scrip lost Rs 21.75 (-5.74 per cent) to trade at Rs 357.20, it was down by Rs 23.05 or 6.09 per cent at Rs 355.70 on the NSE.
But the counter saw a trading volume of 7.26 lakh shares on the BSE and a volume of 88.90 lakh shares on the NSE by 10.15 am.
The company made a net profit of Rs 1,416 crore in Q3 of this fiscal against Rs 1,847.80 crore in the quarter ended December 31, 2010. Total income was up from Rs 9,578.60 crore in the quarter ended December 31, 2010 to Rs 10,523.00 crore in the corresponding quarter this fiscal.