Stock market update: Telecom stocks suffer as DoT set to conduct audits; Airtel, Vodafone Idea among top losers
NEW DELHI: Most telecom stocks were suffering losses in early trade on Tuesday.
The BSE Telecom index was trading 2.55 per cent down at 1,054 around 09:35 am.
Most telecom stocks came under pressure after reports that the Department of Telecommunications (DoT) is set to conduct ‘special audits’ of mobile phone operators from the fiscal year 2011-12 onwards to check for under-reporting of revenue that might account for a sharp downturn in licence fees and spectrum usage charges.
GTL Infrastructure (down 4.93 per cent), Reliance Communications (down 3.25 per cent), OnMobile Global (down 2.76 per cent), Bharti Airtel (down 2.64 per cent), Vodafone Idea (down 2.61 per cent) and Vindhya Telelinks (down 2.51 per cent) were the top losers in telecom index around that time.
Shares of Bharti Infratel (down 1.95 per cent), Mahanagar Telephone Nigam (down 1.05 per cent), Sterlite Technologies (down 0.86 per cent), Tata Teleservices (Maharashtra) (down 0.47 per cent) and Aksh Optifibre (down 0.20 per cent) also suffered losses.
However, Himachal Futuristic Communications (up 2.89 per cent), Tejas Networks (up 1.20 per cent), ITI (up 0.88 per cent), GTL (up 0.68 per cent), Tata Communications (up 0.59 per cent) and GTPL Hathway (up 0.14 per cent) were trading in the green zone at that time.
Weak global cues, rising crude oil prices and rupee's bumpy ride weighed on domestic equity benchmarks on Tuesday.
The BSE Sensex was 180 points down at 36,125, while the NSE Nifty50 index was down 61 points at 10,906.
Among the 50 stocks in the Nifty index, 15 were trading in the green, while 35 were in the red.
In the Sensex basket of stocks, 10 stocks were advancing and 21 were declining.
YES Bank, ONGC, Sun Pharma, Asian Paints and Infosys were among the gainers in the Sensex index.
Mahindra & Mahindra, Bharti Airtel, ICICI Bank, Kotak Mahindra Bank and PowerGrid were among the top losers in the Sensex kitty of stocks.
The BSE Telecom index was trading 2.55 per cent down at 1,054 around 09:35 am.
Most telecom stocks came under pressure after reports that the Department of Telecommunications (DoT) is set to conduct ‘special audits’ of mobile phone operators from the fiscal year 2011-12 onwards to check for under-reporting of revenue that might account for a sharp downturn in licence fees and spectrum usage charges.
GTL Infrastructure (down 4.93 per cent), Reliance Communications (down 3.25 per cent), OnMobile Global (down 2.76 per cent), Bharti Airtel (down 2.64 per cent), Vodafone Idea (down 2.61 per cent) and Vindhya Telelinks (down 2.51 per cent) were the top losers in telecom index around that time.
Shares of Bharti Infratel (down 1.95 per cent), Mahanagar Telephone Nigam (down 1.05 per cent), Sterlite Technologies (down 0.86 per cent), Tata Teleservices (Maharashtra) (down 0.47 per cent) and Aksh Optifibre (down 0.20 per cent) also suffered losses.
However, Himachal Futuristic Communications (up 2.89 per cent), Tejas Networks (up 1.20 per cent), ITI (up 0.88 per cent), GTL (up 0.68 per cent), Tata Communications (up 0.59 per cent) and GTPL Hathway (up 0.14 per cent) were trading in the green zone at that time.
Weak global cues, rising crude oil prices and rupee's bumpy ride weighed on domestic equity benchmarks on Tuesday.
The BSE Sensex was 180 points down at 36,125, while the NSE Nifty50 index was down 61 points at 10,906.
Among the 50 stocks in the Nifty index, 15 were trading in the green, while 35 were in the red.
In the Sensex basket of stocks, 10 stocks were advancing and 21 were declining.
YES Bank, ONGC, Sun Pharma, Asian Paints and Infosys were among the gainers in the Sensex index.
Mahindra & Mahindra, Bharti Airtel, ICICI Bank, Kotak Mahindra Bank and PowerGrid were among the top losers in the Sensex kitty of stocks.