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Bharti Airtel shares crash after Moody's announcement

Devdiscourse News Desk new delhi Last Updated at 09-11-2018 19:02:29 IST India
Bharti Airtel shares crash after Moody's announcement
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Shares of Bharti Airtel fell by 2.5 per cent Friday after Moody's Investors Service placed the company's rating on review for downgrade.

The stock declined 2.45 per cent to end at Rs 298.45 on the BSE. Intra-day, it slumped 5.21 per cent to Rs 290.

On the NSE, shares of the company dropped 2.12 per cent to close at Rs 299.75.

The stock was the worst hit among the blue chips on both the key indices.

In terms of the equity volume, 3.85 lakh shares of the company were traded on the BSE and over 84 lakh shares changed hands on the NSE during the day.

Moody's Investors Service Thursday placed Bharti Airtel's rating on review for downgrade, following low levels of profitability and expectation of weak cash flow.

"The review for downgrade is primarily driven by our expectation that Bharti's cash flow generation will remain weak and leverage elevated," Moody's VP and Senior Credit Officer Annalisa DiChiara said.

(With inputs from agencies.)

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