Market Now: Telecom stocks under pressure; Bharti Airtel slips 2%
NEW DELHI: Most of the telecom stocks took a hit after rating agency ICRA said that the intense competition and pricing pressure will continue to take a toll on the telecom sector with industry revenue expected to plunge by another 6 per cent during the current financial year.
Reacting on the development, the BSE Telecom index declined over 1 per cent in morning trade with Bharti Airtel falling nearly 2 per cent, followed by Bharti Infratel (down 1.44 per cent), Reliance Communications (down 1.14 per cent), Tata Teleservice Maharashtra (down 0.86 per cent).
MTNL and Tata Communications were down 0.24 per cent and 0.08 per cent, respectively.
Besides telecom stocks, metal, bank, realty and auto stocks were also dragging the market down amid the apprehensions over the outcome of GST rollout.
In the Nifty50 pack, 16 stocks were trading in green, while 34 stocks were in red.
The BSE Sensex was down 36 points, or 0.12 per cent, at 30821 around 11.15 am (IST), while NSE Nifty was down 17 points, or 0.18 per cent, at 9,486.
For trending stocks and buzzing news, track this LIVE BLOG from Dalal Street.
Let’s block ads! (Why?)
Via:: Economic Times – Stocks