Share market update: Telecom stocks tank; Bharti Infratel, RCom, Idea Cellular among top losers

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NEW DELHI: Most telecom stocks were among the losers during Friday’s volatile session.

The BSE Telecom index was trading 1.09 per cent down at 1,155 around 12:50 pm.

GTPL Hathway (down 3.16 per cent), GTL (down 2.65 per cent), ITI (down 2.60 per cent), Sterlite Technologies (down 2.30 per cent), Bharti Infratel (down 2.17 per cent), Reliance Communications (down 2 per cent) and Idea Cellular (down 1.66 per cent) were the top losers in the telecom index.

Aksh Optifibre (down 1.54 per cent), Tejas Networks (down 1.42 per cent), GTL Infrastructure (down 1.33 per cent), Himachal Futuristic Communications (down 1.18 per cent) and OnMobile Global (down 1.03 per cent) also witnessed significant fall in their share values.

Vindhya Telelinks (down 0.98 per cent), MTNL (down 0.94 per cent), Bharti Airtel (down 0.15 per cent) and Tata Communications (down 0.14 per cent) were also among the losers.

Meanwhile, Tata Teleservices (Maharashtra) (up 0.23 per cent) was the odd man out in the pack.

Market sentiment was cautious even as global stocks were mostly firm.

Caution crept in after government data, released on Thursday, showed that the retail inflation accelerated to a five-month high of 5 per cent in June compared to 4.87 per cent in May, while industrial production moderated to 3.2 per cent in May compared to 4.9 per cent in April.

Bank, FMCG and auto stocks were among the top drags on the Sensex index. However, Reliance Industries, HDFC twins, Infosys and Tata Consultancy Services were still holding up.

ITC, Axis Bank and Sate Bank of India were leading among Sensex losers.

Source: Economic Times