Bharti Infratel hit a fresh 52-week low of Rs 316.50 early on Tuesday as the company posted a 2 per cent rise in consolidated net profit for the March quarter.
Its financial results, which were announced yesterday, were impacted by a few telecom operators shutting or merging their businesses.
It had posted a net profit of Rs 597 crore in the same quarter last year.
The scrip was 1.19 per cent down at Rs 324.50 at around 11.20 am. It opened at Rs 330 and touched high and low of Rs 334.30 and Rs 316.50, respectively, so far. Benchmark BSE Sensex went up 138 points, or 0.40 per cent, to 34,588.
For 2017-18, net profit fell 9 per cent to Rs 2,494 crore while revenue was up 8 per cent at Rs 14,490 crore over 2016-17.
Global brokerage firm Credit Suisse maintained Outperform on Bharti Infratel, but slashed the target price to Rs 400 from Rs 430 earlier.
It added that the earnings results of Bharti Infratel were in line with known headwinds and expected the next couple of quarters to be subdued.
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