Mumbai: Shares of Bharti airtel tumbled by over 4 per cent on the bourses on Wednesday after the company posted a 28 per cent dip in first quarter numbers.
Bharti airtel on Wednesday reported a 28 per cent decline in net profit to Rs 1,215.2 crore for the first quarter ended June 30, as against Rs 1,681.6 crore in the same period last year.
Total sales were, however, up by over 38 per cent to Rs 16,982.8 crore in the reporting quarter, as against Rs 12,285.6 crore in Q1, FY'11.
Marketmen said the downslide in the counter was a knee-jerk reaction to the weak first quarter numbers.
"Revenue growth has been steady across all geographies, with Africa recording a healthy sequential growth of approximately 6 per cent and annual growth of 21 per cent," Bharti airtel Chairman and Managing Director Sunil Bharti Mittal said.
The stock of the company, which was in focus ahead of the results, slipped to an intra-day low of Rs 413.10 on the Bombay Stock Exchange, down 4.38 per cent from its last close.
Similar movement was witnessed on the National Stock Exchange, where the stock, after opening at Rs 428, fell to a low of Rs 412.70, down 4.55 per cent from its previous closing price.
The stock however, recovered some of the lost ground later and was trading at Rs 414.50, down 4.06 per cent on the BSE, and at Rs 413.15, down 4.45 per cent on the NSE, at 1243 hours.