Bharti Airtel falls ahead of 2G spectrum meeting

Mumbai: Bharti Airtel shares fall 2.4% ahead of a meeting from group of ministers later on Tuesday that will decide on the base price for an upcoming 2G airwave auction and establish other rules.

The auction follows a Supreme Court order to revoke all permits awarded in the scandal-tainted 2008 sale.

According to the Economic Times newspaper, the telecoms ministry has proposed in an inter-governmental note to make it compulsory for all operators to match the auction-determined price for their existing 2G airwaves for the remaining period of their licences.

Economic Times says the measures would cost the sector Rs 1.2 trillion ($21.61 billion), citing “industry calculations.” *

Reliance Communications falls 0.7%, Idea Cellular shares down 0.1%.