Indus Tower tanks 8% on heavy volume; stock nears 52-week low

The stock traded close to its 52-week low of Rs 194.25 touched on August 5, 2021.

Shares of Indus Tower slipped 8 per cent to Rs 196.55 on the BSE in Friday’s intra-day trade amid heavy volume. The stock of telecom infrastructure provider traded close to its 52-week low of Rs 194.25 touched on August 5, 2021.  The stock had hit a 52-week high of Rs 332.60 on September 28, 2021.

At 02:11 pm; Indus Tower traded 6 per cent lower at Rs 200, as compared to a 0.8 per cent decline on the S&P BSE Sensex. The trading volume at the counter more-than-doubled with a combined 5.4 million equity shares changing hands on the NSE and BSE.

Indus Towers (formerly Bharti Infratel) is India's leading provider of passive telecom infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators.

Bharti Airtel and Vodafone Group, together, are classified as promoters of the company and they had owned 69.85 per cent shares of the company as on March 31, 2021.

Since February 23, 2022, the stock has corrected 22 per cent after Vodafone Plc sold 2.4 per cent stake in Indus Tower through an accelerated book build offering. CLICK HERE FOR FULL DETAILS

On February 25, Bharti Airtel entered into an agreement with Vodafone to buy 4.7 per cent equity interest in Indus Towers on the principal condition that the amount paid shall be inducted by Vodafone as fresh equity in Vodafone Idea Limited (VIL) and simultaneously remitted to Indus Towers to clear VIL’s outstanding dues. CLICK HERE FOR RELEASE