India’s Bajaj Auto, Bharti Airtel fall after Nigeria devalues naira

Bajaj Auto falls 2.3 pct, while Bharti Airtel  is down 1.3 pct.

Nigeria’s central bank devalued the naira by 8 percent and raised interest rates sharply on Tuesday.

Nearly 12 percent of Bajaj Auto’s revenues come from Nigeria – Analysts.

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.

Separately, UBS downgrades Bajaj Auto to “sell” from “neutral”, saying falling emerging market currencies would impact margins.