HDFC Bank’s M-cap touches Rs 14 trillion for first-time ever
The market capitalization (market cap) of HDFC Bank topped the Rs 14 trillion mark for the first-time ever on Thursday.
A day after Indian telecom regulator TRAI slashed the mobile termination charges to six paise from 14 paise, Bharti Airtel on Wednesday called it an “extremely disappointing decision” for the industry.
“We are extremely disappointed with the latest regulation on the IUC (interconnection usage charges), especially at a time when the industry is facing severe financial stress.
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“The suggested IUC rate, which has been arrived at in a completely non-transparent fashion, benefits only one operator which enjoys a huge traffic asymmetry in its favour,” a statement issued by Bharti Airtel said.
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The Telecom Regulatory Authority of India also said it would phase out IUC by January 1, 2020.
Bharti Airtel added: “The sharp drop in the IUC rate will only help transfer part of its cost to other operators, thereby further worsening the financial health of the industry.
“As part of an industry, which continues to be a critical driving force behind the economic growth in the country, we are genuinely dismayed by this decision.”
Bharti Airtel’s shares were trading at Rs 385.05 per share, down 2.44 per cent at 10.02 a.m. in the BSE.
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