Bharti Airtel slumps on Supreme Court's 3G order

MUMBAI: Shares of Bharti Airtel came under intense selling pressure after the Supreme Court ruled that the telecom major can’t add new 3G customers in seven circles till its final order.

The apex court was hearing a petition filed by Bharti Airtel against a Delhi High Court order stopping it from offering 3G roaming services in seven circles where it does not have licences by entering roaming pact with other service providers Vodafone and Idea Cellular.

However, the Supreme Court has allowed the telco’s existing customers in seven circles to avail 3G services.

It has directed the government to not take any coercive action 3G roaming pacts sought reply on 3G roaming pact case by May 9, a day when the court will hear the 3G intra-circle roaming case. Vodafone and Idea have been asked to become parties in 3G roaming case.

The Court on Monday had granted temporary relief to Bharti Airtel by directing the government not to take action against Bharti until today.

At 12:30 p.m.; the stock was at Rs 273.25, down 2.98 per cent, on the BSE. It touched a high of Rs 282 and a low of Rs 271.70 in trade today.