Airtel shares dip 4 percent as Qatar Foundation offloads stake
By PTI | Published: 08th November 2017 07:45 PM |
NEW DELHI: Shares of Bharti Airtel today fell nearly 4 per cent after Qatar Foundation, a non-profit run by the gas-rich country's royal family, sold its 5 per cent stake in the telecom services firm.
The stock declined 3.73 per cent to end at Rs 495.15 on the BSE. Intra-day, it slumped 6.67 per cent to Rs 480.
Bharti Airtel was the worst hit among the 30 Sensex blue-chips.
At NSE, shares of the company dropped 3.7 per cent to close at Rs 495.30.
The company's market valuation also declined by Rs 7,674.73 crore to Rs 1,97,931.27 crore.
Qatar Foundation today sold its 5 per cent stake in India's largest telecom services company for over Rs 9,500 crore.
Three Pillars, an affiliate of Qatar Foundation Endowment, initially offered 19.98 crore shares in Bharti Airtel at a price band of Rs 473 to Rs 490 apiece on the stock market but later lowered the top end of the band to Rs 480, sources privy to the development said.
The offer price was at a discount to yesterday's closing price of Rs 514.35 on the BSE but higher than the Rs 340 it had paid for the shares in 2013.
The company now holds nil shares in Bharti Airtel.