Shares of the country's largest mobile operator, Bharti Airtel, today slumped by over 2% on the bourses, amid a broad-based decline in the market.
Shares of Bharti Airtel settled 2.3% down at Rs 388.50 apiece on the BSE. During the inta-day trade, the stock had plunged by 4.43% to a low of Rs 380.
At the National Stock Exchange, the stock ended at Rs 387 a piece, down 2.67% from its previous close.
The overall market was also weak today and the bellwether index Sensex crashed by 425.40 points or 2.6% to finish the day at 15,946.10.
The fall in share price of Bharti Airtel also followed the news of a CBI search on the company's offices on Saturday.
The Central Bureau of Investigation (CBI) had carried out searches at some premises of two leading mobile operators of the country, Airtel and Vodafone, in connection with the alleged irregularities in spectrum allocation during the tenure of Pramod Mahajan as telecom minister.
Bharti Airtel had later said that all spectrum given to it had been as per the government policy.
Vodafone is not listed on the Indian bourses.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app