Shares of Bharti Airtel Ltd, India’s top telecom operator by market capitalisation, fell as much as 2.13 percent to Rs 340, lowest since May 10, 2017.

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Stock breaks below a support at Rs 346.55, the 61.8 percent Fibonacci projection level of the swing from the April 25 high to the May 22 low.

Stock's long-term wave pattern suggests it is in the fourth corrective wave of a five-wave expanding diagonal.

The current corrective wave 4 may lead to a price fall up to the lower trend line connecting waves E and 2, the trough may roughly coincide with the support at Rs 321.36, the 86.4 percent retracement level of wave 3.

Trend intensity (TI) indicator rises to 17, suggesting stock is in early stages of a downtrend; Moving Average Convergence Divergence (MACD) is also negative and below its signal line.

Bharti Airtel stock is down 34.4 percent this year as of Monday’s close, while the broader NSE index is up 3.86 percent in the same period.

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At 1:11 PM, Bharti Airtel shares were trading at Rs 341.55, down Rs 4.65 or by 1.34 percent.

Intra-day, it ranged between a high of Rs 350.40 and a low of Rs 340, after opening at Rs 346.20 on the BSE.