Bharti Airtel rebounds after 9% slump in last two sessions

The company's partner Singapore Telecommunications, which owns about one-third of Bharti, said that it has full faith in the Indian company's corporate-governance

Bharti Airtel has surged almost 8% to Rs 302, recovering almost all its losses made in past two days on the bourses. The stock opened at Rs 286 and has seen a combined 4.91 million shares changing hands on the counter till 1136 hours on BSE and NSE.

Shares of telecom services provider had dipped 9% in past two trading session to Rs 281 from Rs 308 after a Delhi special court summoned the Bharti's chairman Sunil Mittal pertaining to its allegation over the allocation of additional spectrum in 2002.

Meanwhile, the company’s partner Singapore Telecommunications Ltd, which owns about one-third of Bharti, said that it has full faith in the Indian company's corporate-governance standards.

Bharti Airtel in a press statement said that spectrum under government policy of February 2002, continued until April 2010 and all other telecom operators including MTNL and BSNL received additional spectrum under this policy.

"We would like to reiterate that Bharti Airtel and its promoters have always practised the highest standards of corporate governance and accordingly view the charge sheet as an attempt to tarnish its high reputation," Bharti Airel said in a regulatory filing.