August 9, 2018 / 9:29 AM / a month ago

BUZZ-India's Bharti Airtel slumps; Singtel's qtrly profit down

** Shares of telecom giant Bharti Airtel Ltd fall as much as 5.4 pct to 364.50 rupees, their lowest since July 30

** Around 26.9 mln shares change hands in block deals on the NSE

** Co’s shareholder, Singapore Telecommunications Ltd (Singtel), reported a 7 pct fall in Q1 net profit after market hours on Wednesday

** Singtel says co’s Q1 profit fall hurt by Airtel’s qtrly results

** Airtel’s June-qtr profit fell 74 pct amid an intense pricing war in India’s telecom sector following the entry of Reliance Jio Infocomm

** Singtel holds 15 pct in Airtel, according to Thomson Reuters data

** Over 9.2 mln shares changed hands vs 30-day avg of around 4.5 mln shares

** Forward PE is 195.01 vs sector average of 62.96

** Stock is top pct loser on the broader NSE index

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