Bharti Airtel gains after two promoters recast stake; retreats

Shares of Bharti Airtel climbed as much as 4 per cent after reports that promoters of the company including Bharti Telecom and Indian Continent recast their stake in early trade via block deals.

According to a report by ET Now, around 4.6 per cent of equity, or 18.47 crore, shares of Bharti Airtel traded in a block.

Bharti Telecom said on October 30 that it will raise stake in Airtel by 4.60 per cent.

Airtel’s block deals of 18.47 crore shares was executed at Rs 543 per share.

The scrip parred early gains to end the session at Rs 541.35, down 0.32 per cent on BSE. Shares of the company opened at Rs 540 and touched a high and low of Rs 565 and Rs 537.70, respectively.

Bharti Airtel on Wednesday also said it will offer iPhone X and its most expensive version from November 3 exclusively to post-paid customers through its online store.

The telecom major, which has lined up investments worth Rs 25,000 crore on expansion this fiscal, is looking to continue with its bullish capex plans even in the next year, its chairman Sunil Bharti Mittal said on November 2.

Bharti Airtel recently posted sixth straight quarter of drop in earnings as its consolidated net profit plunged 76.5 per cent to Rs 343 crore for the September quarter, hit by the price war triggered by newcomer Reliance Jio.