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.
- Reliance, Bharti Airtel, Vodafone, Asian Paints, NTPC, Havells, Yes Bank, IDBI Bank stocks in focus
- Buy Bharti Airtel, Mazagon Dock for near term gains; Nifty expected to witness more weakness ahead
- HDFC Bank, Reliance, Bharti Airtel, Vodafone Idea, UltraTech Cement, Fortis Healthcare stocks in focus
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.
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