Home Business After block deal, Bharti Airtel falls 5.4% after promoter sell stake

After block deal, Bharti Airtel falls 5.4% after promoter sell stake

Shares of Bhart Airtel plunged down by 5.4% in the early trading hours on Tuesday after the telecom promoter sold 152 million shares in block deal.

Earlier on Monday Bharti Telecom LTd promoter of Bharti Airtel announced of selling stake worth 1 billion dollar. The stake was aimed to reduce debt.

The Block deal involved 2.75% stake sale conducted at around Rs558 per share which is at a discounted rate of 6% from its Friday close price.

At 9:40 am, Bharti Airtel hitted a low of Rs561 a share on BSE.

Bharti Airtel shares touched an all time high record after it reported 14% increase in user revenue in March quarter.

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