GTL Infrastructure hit lower circuit after the company lowered its forecast for revenue and earnings for 2017-18, hurt by the impact of Aircel filing for bankruptcy.

The stock plunged 19.85 per cent to Rs 3.11 on Friday.

The tower company lowered the outlook of revenue and earnings before interest, tax, depreciation and amortisation (Ebitda), by 12 per cent and 28 per cent, respectively.

With Aircel filing for bankruptcy, the firm expects tenancies to come down by half, from its earlier estimate in December 2017.

In a statement to stock exchanges on Thursday, GTL Infrastructure (GTL Infra) said that if Aircel were to wind up completely, it would lose all of Aircel’s 23,727 sites, which would cut its total tenancy base to 26,637 compared with 51,587 in December 2017.

“Given that Aircel contributed 43 per cent of the revenue of the company as of March 2017, the impact of Aircel’s insolvency will be materially adverse for the company,” said the Mumbai-based company that sets up towers for mobile phone companies and earns monthly rentals from them.

Aircel, which is GTL’s largest customer, filed for bankruptcy on March 1, and its petition for insolvency was accepted by the National Company Law Tribunal on Thursday.