Money on the markets
A maturing market amid the mayhem
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.
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.
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