RCom, Airtel stocks slip in morning trade

After gaining for two consecutive days, shares of telecom majors Reliance Communications and Bharti Airtel on Tuesday plunged as much as 2 per cent in the early trade on the Bombay Stock Exchange, despite the rally in the stock market.

Shares of Anil Ambani-led Reliance Communications fell 2.08 per cent, to a low of Rs 171.35, and became the top loser on the Sensex.

The scrip, however, had gained nearly 11 per cent in the previous two trading sessions.

On a similar note, telecom giant Bharti Airtel, which had witnessed a jump of 5.34 per cent in two consecutive sessions, started the day on a weak note and lost up to 0.62 per cent, at Rs 364, in the morning session.

Marketmen said the stocks of the two companies lost steam after investors preferred to book profits amid a firm broader market.

However, the Sensex crossed the psychological 20,000-mark on Tuesday at the start of the session and was quoting 140 points higher at 20,046.03.

Other shares in the telecom pack were also trading in the red with Idea Cellular down 0.26 per cent at Rs 76.50, Tata Teleservices 0.85 per cent lower at Rs 23.45 and MTNL down 0.16 per cent at Rs 64.35.