MTNL drops as ADR tumbles

capital market | Mumbai |

Mahanagar Telephone Nigam lost 1.99% to Rs 27.05 at 9:16 IST on BSE after the company's American depository receipt, or ADR tumbled 6.06% to settle at $0.93 on the New York Stock Exchange on Monday, 24 December 2012.

Meanwhile, the BSE Sensex was up 52.98 points or 0.28% at 19,308.07.

On BSE, 2.99 lakh shares were traded in the counter as against average daily volume of 10.74 lakh shares in the past one quarter.

The stock hit a high of Rs 27.95 and a low of Rs 26.90 so far during the day. The stock had hit a record low of Rs 20.70 on 11 July 2012. The stock had hit a 52-week high of Rs 45.25 on 30 August 2012.

The stock had outperformed the market over the past one month till 24 December 2012, surging 11.09% compared with the Sensex's 4.04% rise. The scrip had, however, underperformed the market in past one quarter, sliding 28.91% as against Sensex's 3.12% gain.

The state-run telecom service provider has equity capital of Rs 630 crore. Face value per share is Rs 10.

Mahanagar Telephone Nigam (MTNL) reported net loss of Rs 1093.73 crore in Q2 September 2012, higher than net loss of Rs 864.19 crore in Q2 September 2011. Net sales declined 2.4% to Rs 837.42 crore in Q2 September 2012 over Q2 September 2011.

MTNL provides basic phone, internet and cellular mobile telephony services in Delhi and Mumbai. The Government of India (GoI) holds 56.25% stake in MTNL (as per the shareholding pattern as on 30 September 2012).

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