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  • Bajaj Auto, Bharti Airtel shares fall after Nigeria devalues naira
 

Bajaj Auto, Bharti Airtel shares fall after Nigeria devalues naira

Bajaj Auto, Bharti Airtel shares fall after Nigeria devalues naira

by magna / Thursday, 27 November 2014 / Published in Capital Market News

bajaj auto

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.

Reuters

Source : BusinessDay

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