Bharti Airtel shares decline over 3 pc

Shares of Bharti Airtel declined over 3 per cent Friday after the company's fund raising plans of up to Rs 32,000 crore failed to cheer investors.

The scrip dropped 3.43 per cent to close at Rs 307.05 on BSE. During the day, it plunged 4.82 per cent to Rs 302.60.

On NSE, shares fell by 3.15 per cent to close at Rs 308.

Bharti Airtel counter was the worst hit among the blue chips on both the indices at close of trade.

The telecom operator Thursday said its board has approved fund raising plans of up to Rs 32,000 crore through a mix of rights issue and bond.

In a statement, Airtel said its board has "approved the fund raising of up to Rs 32,000 crore through rights issuance of up to Rs 25,000 crore and perpetual bond with equity credit up to Rs 7,000 crore".

Perpetual bond of up to USD 1 billion (about Rs 7,000 crore) denominated in foreign currency is "subject to price, market conditions and other terms and conditions as acceptable, and with conditions allowing for full accounting equity credit and subject to all applicable laws..."