Bharti Airtel declined 2.5% to Rs 374. Around 3.67 million shares changed hands at the counter today,which is three-fold increase as against its two-week average traded quantity of 1.07 million shares. The scrip touched a high of Rs 391 and a low of Rs 365 on the BSE.
________________________________________________________________ (Updated 1053 hrs)
Bharti Airtel has slipped today morning amid concerns over the Bharti-MTN deals. According to reports, the company is working on a revised offer for a deal with the South African company.
The stock opened at Rs 384, touched a high of Rs 391 and slipped to Rs 366. The scrip is now at Rs 371, down 3.5% from the previous close. The stock has slipped 53% in a month's time. Around 494,626 shares have been traded on the BSE so far.
This deal will involve huge amount of cash withdrawal and additional debt to be collected in order to facilitate funding the transaction. There has still been no certainty about the closure of the deal. Bharti Airtel is in talks with the South African company for a deal to create a $23 billion telecom entity.
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