Sensex, Nifty end down; telecom, bank stocks fall on SC order on AGR
Live MintMumbai: Key equity indices closed lower on Thursday, dragged down by telecom and bank stocks that declined after the Supreme Court upheld the definition of adjusted gross revenue provided by the department of telecommunications, allowing the government to recover Rs92,000 crore in past dues. The apex court order comes as a huge blow for private telcos, who have been running losses for the past many quarters and show no signs of making money in the near future. "Bharti Airtel shares are up even though it will be impacted by the SC order; this is because investors are pricing in a two-player market, with the assumption that Vodafone Idea will not be able to survive under the weight of the penalty," said analysts at two domestic institutional brokerages requesting anonymity. Yes Bank closed 5.8% lower, State Bank of India 4.7%%, Indusind Bank 4%, RBL Bank 3%, Federal Bank 2.8%.