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Telecom shares dives in flat market


Shares of major telecom players plunged on Thursday, pulling the BSE Technology Index down 2.8 percent.

Bharti Airtel, which has a 3.6 percent weightage on the Sensex, dropped over 6 percent in a market that ended marginally up at 16,843. Trade in the counter stood at 8.1 million shares.INDIA-STOCKS/JUMP

The other stocks that took a hit included Reliance Communications (down 6 percent), Idea (down 2.2 percent) and MTNL which dropped 1.08 percent.

Fear of survival and reduced profits loom for GSM operators as new entrants could spark a price war which in turn could squeeze the margins of top players.