Bharti Airtel shares down over 1% post Q1 earnings

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.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)