Airtel Suffers Severe Loss Of N1.8 Trillion In 3 Days
Airtel Suffers Severe Loss Of N1.8 Trillion In 3 Days
As the share price of the telecom giant plummeted on Wednesday for the third straight day, investors in Airtel Africa Plc continued to lose money. The stock has now experienced an N1.833 trillion cumulative loss.
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The telecom stock has fallen since the Nigerian Stock Exchange resumed for weekly trading on Monday, in what market operators have characterized as an adjustment to the present gloomy market attitude.
Nairmetrics’ checks revealed that Airtel was at the top of the losers’ chart for the past three days, losing a maximum of 10% of its value, or around N676 billion on Monday, N609 billion on Tuesday, and N548 billion on Wednesday, for a total loss of N1.833 trillion.
Airtel Suffers Severe Loss Of N1.8 Trillion In 3 Days
A further look at the share movement revealed that Airtel Africa closed its last trading day (Wednesday, October 19, 2022) at a share price of N1,312.20 per share and N4.931 trillion worth of market capitalization.
On Monday, the company began the weekly trading session with a share price of N1,800 per share and a market capitalization of N6.764 trillion.
ALSO, READ Airtel Investors Lose N609 Billion Again In Today’s Trading
The market sentiment for the telecoms firm has remained very low amidst buy-interests and sell-offs as bears dominated proceedings during the period under review following the build-up to 2023 the general elections, interest rate hike, and rising inflation.
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