NEW DELHI: Bharti Airtel shares fell over 4 per cent on Tuesday after Icra downgraded the company's long-term rating due to higher provisioning in its latest quarterly results following the Supreme Court judgement on AGR and spectrum charges.
In the morning session, shares of the company opened at Rs 444.35 and fell 4.71 per cent to intra-day low of Rs 430. The stock settled 4.34 per cent down at Rs 431.70 on the BSE. On the NSE, the scrip slumped 4.03 per cent to Rs 433.20.
During the day, it lost 4.76 per cent to hit a low of 429.90. On the BSE, 10.57 lakh shares were traded and the NSE saw a trade of two crore shares of the company.
The company's market capitalisation declined by around Rs 10,000 crore to Rs 2.21 lakh crore. "There has been a revision in the long-term ratings of the Company from [ICRA]AA to [ICRA]AA- by ICRA Ltd," Bharti Airtel said in a regulatory filing on Tuesday.
Icra on Monday downgraded the company's long-term rating to AA-, while reaffirming the short-term rating at A1+. "The revision in the long-term rating factors in the recognition of higher than anticipated provision pertaining to the Supreme Court judgement on dues payable towards licence fees on adjusted gross revenues (AGR) as well as spectrum usage charge in the latest quarterly results," the ratings agency said.