Mumbai: Shares of Bharti Airtel and Bajaj Auto fell up to 2.5 percent Wednesday following reports that Nigeria's central bank has devalued its currency Naira by 8 percent.
Bharti Airtel fell by 2.43 percent to end at Rs 393.35 on the BSE. Bajaj Auto lost 1.08 percent to Rs 2,612.40.
Marketmen said that selling pressure was seen in these stocks on concerns that exports to Nigeria will be hit following devaluation of their currency.
Nigeria has devalued its currency Naira to the US Dollar by over 8 percent to about 168 per dollar and at the same time, it has raised key interest rate to a record high.
Nigeria is the biggest export market for Bajaj Auto, accounting for 35 percent export revenues. The company sold 5 lakh motorcycles in Nigeria last fiscal and had a 44 percent market share in FY14.
Nigeria is also Bharti Airtel's biggest market in Africa.
