The shares of leading telecom service provider Bharti Airtel Thursday fell for the second day following disappointing quarterly results.
At the Bombay Stock Exchange the shares of the firm closed 6.40 percent down at Rs.256.85 Thursday. It had closed 6.60 percent down at Rs.274.40 Wednesday.
The company has also been pushed out of the list of top ten companies by market capitalisation.
The firm Wednesday posted a 37 percent decline in net profit at Rs.762 crore for the quarter ended June 30 against Rs.1,215 crore during the like period of the previous financial year.
Airtel said mobile revenues in India were impacted due two significant changes - the sector regulator TRAI’s guidelines around processing fees which restricted the sales of “combo packs” and the service tax hike from 10.3 percent to 12.36 percent.
The hike effective April 1, 2012, caused all telecom services to become dearer by nearly 2 percent with the entire additional levy being passed through to the exchequer, it said.
