Bharti Airtel shares end nearly 4% down on block deals
Mumbai: Shares of Bharti Airtel Ltd on Wednesday slumped 6.7%, its biggest fall in nearly eight months, after multiple block deals, according to a Bloomberg report.
Around 166.10 million shares or 4.2% stake of the company changed hands in seven block deals. However, details of the buyers and sellers were not known.
Shares closed 3.73% lower to Rs495.15 on BSE, while the Sensex fell 152 points to 33,218.81. The stock fell as much as 6.68% to Rs480, its steepest fall since 22 March. So far this year, it has risen 61%
On Tuesday, Bloomberg reported that Three Pillars Pte., Singapore, an affiliate of Qatar Foundation Endowment SPC, will sell up to 199.90 million shares in Bharti Airtel in the price range of Rs473-490 each. At the upper end, the transaction will be valued at around Rs10,000 crore
As of September quarter, Three Pillars Pte holds 5% stake in the company, which it acquired in June 2013 via preferential allotment at Rs340 a share.
On 3 November, Bharti Telecom increased its stake in Bharti Airtel to 50.10% by acquiring 184.70 million shares or 4.62% stake from Indian Continent Investment Ltd at a price of Rs417.35 per share.