Airtel shares dip 4 percent as Qatar Foundation offloads stake

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.

Published: 08th November 2017 07:45 PM  |   Last Updated: 09th November 2017 02:22 AM   |  A+A-

Bharti Airtel. (File photo | Reuters)

Image used for representational purpose only

By PTI

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.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.