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Bharti Infratel tumbles after block deals

Capital Market 

Bharti Infratel fell 4.12% to Rs 381.50 at 10:10 on on reports sold its 3.7% stake in Bharti Infratel via multiple block deals in the stock exchanges in early trade today, 8 August 2017.

Meanwhile, the S&P Sensex was down 218.60 points, or 0.68% to 32,055.07.

On the BSE, 8.03 crore shares were traded in the counter so far, compared with average daily volumes of 1.35 lakh shares in the past one quarter. The stock had hit a high of Rs 389 and a low of Rs 378.50 so far during the day. The stock hit a 52-week high of Rs 439 on 19 July 2017. The stock hit a 52-week low of Rs 283.10 on 31 January 2017.

The stock had underperformed the market over the past one month till 7 August 2017, falling 1.50% compared with 2.91% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 8.88% as against Sensex's 7.82% rise. The scrip had underperformed the market in past one year, rising 4.39% as against Sensex's 14.52% rise.

The large-cap company has equity capital of Rs 1849.61 crore. Face value per share is Rs 10.

According to reports, about 6.75 crore shares of Bharti Infratel worth Rs 2550 crore changed hands in five block deals on the and the NSE. Nettle Infrastructure Investments, a subsidiary of Bharti Airtel, sold Bharti Infratel shares in a price range of Rs 378-397.85 each, reports added.

As on 30 June 2017, owned 50.33% stake, while Nettle Infrastructure Investments owned 11.32% stake in Bharti Infratel.

On a consolidated basis, net profit of Bharti Infratel declined 12.21% to Rs 663.90 crore on 9.66% rise in net sales to Rs 1593.40 crore in Q1 June 2017 over Q1 June 2016.

Bharti Infratel is a provider of tower and related infrastructure sharing services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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