Airtel in a statement today said what has been reported of the company not standing up to bigotry is "mostly, untrue and factually incorrect."
The plan -- which is part of its network expansion programme, 'Project LEAP', will bolster data capacities and taking services deeper into rural and unconnected areas.
As it faced online criticism for allegedly not standing up to bigotry, Airtel said it does not differentiate between customers, employees and partners on the basis of caste or religion.
The company said the addition of fresh fiber capacity will support the growth of high speed data services.
"As part of its ongoing network transformation programme - Project Leap, Airtel plans to roll out 5,000 new mobile sites across Kerala in FY 2018-19 to add large network capacity and take high speed data services deeper into rural areas," Airtel said in a statement.
The index failed to sustain above 10,700 for the second consecutive session, ending the session with a bearish Marubzu candle closer to its day’s low of 10,616.10.
Mittal, who heads India’s biggest mobile-phone operator, will be drawing the proceeds from a unit of Mittal’s Bharti Group that handles the founding family’s wealth. The investment will fund acquisitions by Pasricha’s Ennismore, a developer that owns the Gleneagles resort and Hoxton hotel chain expanding in the US and Europe.
"Oscillators like RSI, MACD, and DMI have been showing weakness on the charts. We recommend selling Bharti Airtel for the downside target of 335 and keeping a stop loss above Rs 380," says Vinay Rajani, Technical Analyst, PCG Desk at HDFC Securities.
The top gainers among Nifty constituents were Tata Motors, Dr Reddy's Labs, Titan Company, Bajaj Auto and Bajaj Finance.
Rajesh Agarwal of AUM Capital recommends buying Bharat Petroleum Corporation with stop loss at Rs 380 and target at Rs 410, a buy in AU Small Finance Bank with stop loss at Rs 690 and target at Rs 723 and a buy also in Infosys with stop loss at Rs 1162 and target at Rs 1206.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 27 points, or 0.26 percent. Nifty futures were trading around 10,515 on the Singaporean Exchange.
“This correction might be a decent opportunity to re-accumulate blue-chip stocks” says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management.
The Supreme Court last week rejected DoT's petition for security deposit of around Rs 1,700 crore from the companies and directed it to approve the merger.
The most active Nifty stocks were PC Jeweller, down over 3 percent, and Bharti Airtel, down 6 percent. Titan Company, Asian Paints and Sun Pharma were the other active stocks.
126 stocks hit a new 52-week low. These included names like Ajanta Pharma, Ambuja Cements, Amtek Auto, Can Fin Homes, HUDCO, Indo Count Industries, Idea Cellular, Mahanagar Gas, OBC, Power Finance Corporation, PNB, Rural Electrification Corporation, Strides Shasun and Union Bank.
"Nifty has strong support at 10,689 levels, a break out will take it to 10,630. On the upper side, the index will face a hurdle at 10,785 levels. A crossover will take it to 10,825 levels," says a report by Equity99
The market breadth was in favour of the declines with 778 stocks advancing while 793 declined and 464 remained unchanged. On the other hand, in the BSE, 874 stocks advanced and 839 declined and 73 remained unchanged.
While the agency affirmed its rating on the Sunil Mittal-led company at 'BBB-', the outlook was revised down to "negative" from "stable".
RJIO had claimed that the advertisements "falsely proclaim" that Airtel was offering "live and free" access to T20 cricket coverage and also "falsely represent that a subscriber need only obtain a 4G sim from the defendant company and download the Airtel TV app to obtain a virtual season pass, that is live and free access to T20 coverage".
Sharekhan is bullish on Bharti Airtel has recommended buy rating on the stock with a target price of Rs 520 in its research report dated April 25, 2018.
"The ratings are likely to be downgraded within the next 6-12 months if heightened competition persists in its Indian wireless business, such that consolidated EBITDA or margins deteriorate further from current levels," Moody's said in a statement.
HDFC Securities is bullish on Bharti Airtel has recommended buy rating on the stock with a target price of Rs 487 in its research report dated April 26, 2018.
Motilal Oswal is bullish on Bharti Airtel has recommended buy rating on the stock with a target price of Rs 581 in its research report dated April 25, 2018.
ICICI Direct is bullish on Bharti Airtel has recommended buy rating on the stock with a target price of Rs 480 in its research report dated April 26, 2018.
The Nifty metal sector was also trading down led by Coal India, Hind Zinc, Vedanta, Tata Steel and NMDC.