Indian market post gains on second consecutive session on Tuesday, Bharti Airtel Dec quarter net profit down
The January derivatives contract expires on Wednesday.
Some of the key stocks that gained on Tuesday were HDFC, Tata Motors, L&T, Reliance Industries, Mahindra & Mahindra and Axis Bank while Infosys and ICICI Bank closed moderately lower.
Telecom major Bharti Airtel reported its October-December quarter results where the company saw an over 54 per cent decline in consolidated net profit to nearly Rs 503.7 crore, largely due to 'predatory pricing' by Reliance Jio, according to media reports.
Bharti Airtel MD and CEO for India & South Asia Gopal Vittal in a statement said, "The quarter has seen turbulence due to the continued predatory pricing by a new operator. The present termination costs at 14 paise which are well below cost has resulted in a tsunami of minutes terminating into our network."
"This has led to an unprecedented year-on-year revenue decline for the industry, pressure on margins and a serious impact on the financial health of the sector," he said.
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