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Bharti Airtel stock surges 4% on reports of tariff hike
"We have been reiterating that increase in prices is inevitable, which is reflected from the fact that despite rising costs, tariffs have been falling over the past 12 quarters," Bharti Airtel said in a statement.
A source with direct knowledge separately told Reuters that Bharti Airtel is reducing free minutes by up to a quarter and has increased prices of some call vouchers for prepaid customers by 5-15 rupees.
According to sources, tariffs are hiked in 22 circles and Airtel has doubled call tariffs to Rs 2 a minute.
Bharti Airtel Ltd is set to announce its third quarter results on February 1, 2013.
Sanjay Kapoor the present CEO of the company is quitting and would be replaced by Gopal Vittal. Sanjay will continue in his current role until 28 the February 2013, and will be available to assist on key matters until March 31st 2013 ensuring a smooth transition process.
The company shares were seen trading higher by Rs 14.50 or 4.12% at Rs 366 on BSE at 11.25 am IST.
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