Telecom infra stocks plunge as govt hikes import duty by 5 pc on telecom gear

Shares of telecom infrastructure companies on Tuesday declined more than 4 per cent after Finance Minister Nirmala Sitharaman said the government will increase the basic customs duty on specified telecom equipment from 10 per cent to 15 per cent. On the BSE, shares of HFCL tumbled 4.60 per cent to Rs 112.10 apiece, Vodafone Idea plunged 4.15 per cent to Rs 15.23, Tejas Networks slumped 2.69 per cent to Rs 1,278.95, and ITI declined 2.58 per cent to Rs 295.10.

The scrip of Bharti Airtel fell 1.50 per cent to trade at Rs 1,442.70 per piece, ADC India Communications slipped 2.14 per cent to Rs 1,771.95, and Tata Communications dipped 0.97 per cent to trade at Rs 1,768.95 on the bourse.