Shares of Bharti Airtel on Wednesday pared early losses and rose by 4.5 % even as the company reported its lowest quarterly profit in four years for the January-March period.
The stock opened the day on a weak note and fell by over 2 % but later zoomed 4.39 % to₹360.70 on BSE.
At NSE, shares of the company jumped 4.53 % to ₹360.90 despite opening on a weak note.
Country’s largest telecom firm Bharti Airtel on Tuesday had reported its lowest quarterly profit in four years as net earnings fell 72 % in January-March, hit by “sustained predatory pricing” by rival Reliance Jio.
The net profit in the quarter ended March 2017 stood at ₹ 373.4 crore (or ₹0.93 a share), nearly a fourth of the ₹1,319.2 crore (or ₹ 3.30 a share) notched in the year-ago period.
The company announced the results after market hours.
Bharti Airtel — which has 372.4 million customers in 17 countries — saw its total revenue decline by 12 % during the fourth quarter to ₹21,934.6 crore from ₹24,959.6 crore in the same period last fiscal.
