Bajaj Auto, Bharti Airtel Shares Fall After Nigeria Devalues Naira - Investment - Nairaland
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| Bajaj Auto, Bharti Airtel Shares Fall After Nigeria Devalues Naira by kaywizee(m): 3:16pm On Nov 26, 2014 |
Bajaj Auto Ltd fell as much as 2.7% on Wednesday, while Bharti Airtel Ltd dropped 2.9% after Nigeria’s central bank devalued its currency naira by 8% and raised interest rates sharply on Tuesday. Nearly 12 percent of Bajaj Auto’s revenues come from Nigeria. 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. UBS downgrades Bajaj Auto to “sell” from “neutral”, saying falling emerging market currencies would impact margins. Reuters http://oyiidoma..com/2014/11/bajaj-auto-bharti-airtel-shares-fall.html?m=1
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