Airtel drops 4% on Qatar Foundation's $1.5-bn exit

Shares of Bharti Airtel ended 3.7 per cent lower on Wednesday after Qatar Foundation, a nonprofit run by the gas-rich country’s royal family, sold its 5 per cent holding in the telecom major.

Shares of the company declined as much as 6.7 per cent to Rs 480 during the day. The stock, however, recovered marginally to close at Rs 495, down Rs 19.2, or 3.7 per cent, from Tuesday’s close. Shares worth Rs 13,528 crore changed hands on the BSE and another Rs 2,237 crore on the National Stock Exchange (NSE).

Three Pillars, an affiliate of Qatar Foundation, sold its entire 5