Bharti Airtel Ltd's shares fall as much as 2 per cent after rival Idea Cellular Ltd on Thursday reported lower voice volumes in the July-September quarter from the previous quarter.
Idea is much smaller than Bharti in revenue terms, but both mobile carriers operate on the GSM technology and have similar kinds of subscribers.
Kotak Institutional Equities said in a report that Idea's voice traffic declined 5.8 per cent sequentially compared to its estimate of a 3.5 per cent decline.
'Idea's voice traffic growth is disappointing. Part of this can be seasonality, but other underlying reasons are yet to be confirmed. And this is getting extrapolated to Bharti's Indian operations as well," said an analyst tracking the sector at a foreign brokerage house.
Bharti Airtel shares were trading at Rs 344, down 1.5 per cent while Idea shares fell 2.5 per cent at 10:51 am.
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