Indus Tower slips 14% after 3% equity changes hands on NSE and BSE

A combined 74.4 million equity shares had changed hands on the bourses till 9:52 AM. According to reports, British telecom giant Vodafone was in discussions to sell around 5% stake in Indus Towers

Shares of Indus Tower slipped 14 per cent to Rs 215.55 on the National Stock Exchange (NSE) and the BSE in Thursday's intra-day trade after nearly 3 per cent of the total equity of the company changed hands on the bourses. The stock had hit a 52-week low of Rs 194.25 on August 5, 2021 and a 52-week high of Rs 332.60 on September 28, 2021.

A combined 74.4 million equity shares, representing 2.8 per cent of total equity of Indus Tower, had changed hands on the NSE and BSE till 09:52 am. In comparison, the Nifty50 and S&P BSE Sensex were down 3.2 per cent and 3.6 per cent, respectively.

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

British telecom giant Vodafone was in discussions to sell around five per cent stake in Indus Towers to Bharti Airtel, according to a PTI report. The stake is estimated to be valued at over Rs 3,300 crore, and the proceeds will be pumped into the Indian entity Vodafone Idea, the report said.

"Though Vodafone did not confirm the stake sale to Airtel, the British firm confirmed on Wednesday that it is in talks to sell an initial 4.7 per cent stake and is looking to eventually sell its entire 28.1 per cent stake in Indus Towers, India's largest cell tower firm," it added. CLICK HERE FOR FULL REPORT

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.

Technical View 

Downside Potential: 12.5%
Resistance: Rs 230

With today's sharp fall, Indus Towers has given a fresh downside breakout on, both, daily and weekly charts. As per these charts, the overall bias is likely to favour bears as long as the stock trades below Rs 230. 

Among the key momentum oscillators, the DI (Directional Index), MACD and Slow Stochastic are also in the favour of the bears on, both, charts. Thus, the underlining sentiment is bearish at the counter. The stock is likely to re-test its August 2021 low, placed around Rs 194, which is a downside potential of 12.5 per cent.

(With inputs from Rex Cano)