Bharti Airtel drops 6% on BSE
Bharti Airtel today plunged over 6 per cent in the morning trade on the NSE after it said it has entered into exclusive talks with Zain Telecom for acquiring its African operations.
By PTI |
MUMBAI: The shares of Bharti Airtel today plunged over 6 per cent in the morning trade on the National Stock Exchange after the country's largest telecom firm said it has entered into exclusive talks with Zain Telecom for acquiring its African operations.
On the Bombay Stock Exchange, Bharti Airtel's shares opened firm at Rs 318.70 but dropped nearly 5 per cent to Rs 299.55 within minutes of opening.
On the National Stock Exchange, Bharti Airtel's shares experienced heavy selling pressure and skid 6.18 per cent to Rs 295.25.
Yesterday, the board of directors of Zain Group, formerly known as MTC, had unanimously approved the sale of the Group's assets in Africa to Bharti.
Following the approval, the Indian telecom operator today said it has entered into exclusive talks with Zain to acquire Zain's African assets for USD 10.7 billion.
With the index heavy weight Bharti Airtel falling over 6 per cent, the broader market too came under pressure with the benchmark Nifty falling 0.30 per cent to 4812.05 points.
The Kuwait Stock Exchange (KSE), meanwhile, announced yesterday that it has suspended trading of Zain shares pending its decision on selling of its affiliate firm in Africa.
The shares of Bharti were later quoting at Rs 301.30, down 4.17 per cent over previous close on BSE.
On the Bombay Stock Exchange, Bharti Airtel's shares opened firm at Rs 318.70 but dropped nearly 5 per cent to Rs 299.55 within minutes of opening.
On the National Stock Exchange, Bharti Airtel's shares experienced heavy selling pressure and skid 6.18 per cent to Rs 295.25.
Yesterday, the board of directors of Zain Group, formerly known as MTC, had unanimously approved the sale of the Group's assets in Africa to Bharti.
Following the approval, the Indian telecom operator today said it has entered into exclusive talks with Zain to acquire Zain's African assets for USD 10.7 billion.
With the index heavy weight Bharti Airtel falling over 6 per cent, the broader market too came under pressure with the benchmark Nifty falling 0.30 per cent to 4812.05 points.
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The Kuwait Stock Exchange (KSE), meanwhile, announced yesterday that it has suspended trading of Zain shares pending its decision on selling of its affiliate firm in Africa.
The shares of Bharti were later quoting at Rs 301.30, down 4.17 per cent over previous close on BSE.
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