Bajaj Auto Ltd fell as much as 2.7% on Wednesday, while Bharti Airtel Ltd dropped 2.9% after Nigeria’s central bank devalued its currency naira by 8% and raised interest rates sharply on Tuesday.
Nearly 12 percent of Bajaj Auto’s revenues come from Nigeria.
Bharti Airtel entered Africa in 2010 by acquiring loss-making telecoms operations for $9 billion, funded by debt.
Nigeria is Bharti Airtel’s biggest market in Africa.
UBS downgrades Bajaj Auto to “sell” from “neutral”, saying falling emerging market currencies would impact margins.
Source : BusinessDay