MTNL fell 4.88% to Rs 37.05 on the profit sell after recent strong gains.
MTNL shares have jumped 39.61% over the past four sessions.
So far in 2021, the stock has climbed 173.63% while the benchmark Sensex has gained 21.57% over the same period.
On the technical side, the RSI (relative strength index) of the stock stood at 56.23. The RSI fluctuates between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30.
The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 32.55, 28.50 and 24.52, respectively.
On a consolidated basis, MTNL recorded a net loss of Rs 654.56 crore in Q2 September 2021, higher than the net loss of Rs 582.25 crore in Q2 September 2020. Net sales decreased by 10.65% to Rs 305.73 crore in Q2 September 2021 compared to Q2 September 2020.
MTNL is the main provider of fixed telecommunications services in Delhi and Mumbai. It is also present in Nepal through its joint venture United Telecom (UTL) and in Mauritius through its 100% subsidiary Mahanagar Telephone Mauritius Limited (MTML).
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