Bharti Airtel loses $3 billion case in Nigeria; stock dips

MUMBAI: Shares of Bharti Airtel came under selling pressure soon after media reports said that its Nigeria unit lost a legal battle against Econet Wireless.

Bharti Airtel will now have to pay up $3 billion to Econet Wireless, even as it has the option to move to the Supreme Court.

According to reports, the appeals court in Lagos said Bharti Airtel failed in its bid to set aside the ruling of a lower court on the disposal of some shares of Econet Wireless International.

Econet Wireless International remains a bonafide stakeholder in Airtel Nigeria, the court said.

Soon after the media reports came out on the same, the stock slipped.

At 12:54 pm, the stock was at Rs 298.00, down 1.6%, on the BSE.