Telecom scrips slump on BSE

Mumbai, May 23 (UNI) Telecom shares today tanked on the premier Bombay Stock Exchange (BSE) after major players recently slashed their roaming tariffs for outgoing calls by upto 70 per cent to Rs 0.40 per minute on select plans.

Market analysts opined that a cut in prices will impact these companies' profitability.

Consequently, Anil Dhirubhai Ambani Group's Reliance Communications (RCom) was down by 2.86 per cent to Rs 508.40. It was the top loser today.

Besides, Sunil Mittal's Bharti Airtel also slumped by 1.13 per cent to Rs 849.45 on reports that it would also announce price cuts within the next couple of days, analysts said.

UNI