Bharti Airtel tumbles on buzz of Rs 650 crore penalty

Meanwhile, the S&P BSE Sensex was up 25.58 points, or 0.14%, to 18,654.73.

On BSE, 1.95 lakh shares were traded in the counter as against an average daily volume of 2.74 lakh shares in the past one quarter.

The stock hit a high of Rs 292.45 and a low of Rs 278.40 so far during the day. The stock had hit a 52-week high of Rs 370.40 on 25 January 2013. The stock had hit a 52-week low of Rs 238.50 on 30 August 2012.

The stock had outperformed the market over the past one month till 25 June 2013, falling 1.29% compared with the Sensex's 5.46% fall. The scrip had also outperformed the market in past one quarter, rising 2.41% as against Sensex's 0.28% fall.

The large-cap telecom company has an equity capital of Rs 1998.70 crore. Face value per share is Rs 5.

According to reports, the penalty on Bharti Airtel was imposed after an internal committee of Department of Telecom (DoT) found the company routing national and international calls as local calls under a scheme till 2005 despite being told to stop it in 2003, causing loss to the government exchequer and state-run Bharat Sanchar Nigam (BSNL).

Bharti Telecom, a promoter group entity of Bharti Airtel, purchased 18.17 lakh shares of Bharti Airtel for around Rs 50.90 crore through open market transactions earlier this month. Bharti Telecom bought 6 lakh shares for Rs 17.07 crore on 10 June 2013, 6.75 lakh shares for Rs 18.74 crore on 12 June 2013 and another tranche of 5.42 lakh shares for Rs 15.09 crore on 12 June 2013. Bharti Telecom's stake in the company has increased to 45.81% post the purchase from 45.77%.

Bharti Airtel's consolidated net profit declined 49.4% to Rs 508.60 crore on 9.2% growth in net sales to Rs 20448.40 crore in Q4 March 2013 over Q4 March 2012.

Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa.

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