Bharti breaks two-days losing streak; surges 2% on BSE

Shares of Bharti Airtel today gained 2.33 per cent on the Bombay Stock Exchange, breaking the two-day losing streak that followed the company's announcement to buy the Africa assets of Kuwait's Zain Telecom.

Shares of Bharti Airtel surged 2.33 per cent to Rs 278.80 on the BSE after falling 13 per cent in the last two trading sessions.

Analysts said Bharti stocks rose in tandem with the broader market, which flared up by over 200 points in the early morning trade.

"The stock was under pressure since last two days and was falling. Today the scrip moved in tandem with the broader market index, which opened in positive territory," SMC Global Vice President Rajesh Jain said.

On the National Stock Exchange, Bharti shares jumped nearly three per cent to Rs 279.10. A total of 21,83,410 shares of Bharti Airtel changed hands on both the bourses.

Bharti's acquisition of Zain's Africa assets would result in a payout of around $9 billion besides bearing a loan of $1.7 billion, the company had said yesterday.

Shares of Bharti Airtel were trading at Rs 276.25 on the BSE, 1.39 per cent from previous close at 0909 hrs.