BSE Sensex seen consolidating, Bharti Airtel, Idea Cellular, Reliance Communications share prices slump

Written by Reuters | Updated: Jan 16 2014, 20:38pm hrs
BSE SensexMobile carriers Bharti Airtel, Idea Cellular, Reliance Communications slump on concerns over possible high bidding prices at a spectrum auction next month after eight companies applied to bid, signalling much stronger competition than expected. (Reuters)
India's benchmark BSE Sensex index falls 0.21 percent, while the NSE Nifty index is down 0.1 percent, after earlier marking their highest intraday levels since Dec. 9.

Consolidation comes after shares rose for 3 out of 4 sessions as of Wednesday, marking a 2.8 percent gain for the BSE index.

Mobile carriers slump on concerns over possible high bidding prices at a spectrum auction next month after eight companies applied to bid, signalling much stronger competition than expected.

Bharti Airtel falls 4 percent, Idea Cellular Ltd drops 5.8 percent and Reliance Communications Ltd is 3.6 percent lower.

However, HCL Technologies gains 2.8 percent after earlier rising to a record high of Rs 1,383.30 after the company reported December-quarter consolidated net profit rose more than expected.