Indus shares plunge after Q1 net profit slumps; dues from 1 telco bites

New Delhi: Shares of Indus Towers Wednesday fell nearly 7% in opening trade a day after it reported a 66% on-year and 73.6% sequential decline in net profit, on account of receivables due to the company from one of its major customers.

Shares of the telecom tower company – among the world’s largest – was down 5% at Rs208.25 in early trade Wednesday.

Jointly owned by Bharti Airtel and UK’s Vodafone Group, the telecom tower company reported a net profit of Rs 477 crore compared with Rs 1,415 crore a year ago and Rs 1828.5 crore in the March quarter.