Bharti Airtel shares gain 6% on bourses
Mumbai: Shares of Bharti Airtel surged 6 per cent today after British telecom company Vodafone announced its exit yesterday from the Indian telecom major by selling its 4.2 per cent stake to an arm of Bharti Group.
The stock gained 5.98 per cent to settle at Rs 425.30 on the BSE. During the day, it jumped 8.32 per cent to 434.70 — its 52-week high.
Bharti Airtel was the top gainer among the 30-Sensex stocks.
On the NSE, it climbed 5.6 per cent to end at Rs 425.60.
British telecom company Vodafone yesterday said it has exited from Bharti Airtel by selling its 4.2 per cent stake in the Indian telecom major to an arm of Bharti Group.
“Vodafone confirms that it has sold, through a wholly- owned subsidiary, its shareholding in Bharti Infotel Private Limited, representing an approximate 4.2 per cent interest in Bharti Airtel Ltd, to Bharti Enterprises (Holding) Private Limited for USD 200 m (million),” the company had said in a statement.
Vodafone has to sell its entire stake in Bharti Airtel following new norms issued by government that bars a telecom operator from holding any kind of stake in competition under unified licences.
Meanwhile, the BSE benchmark Sensex ended at 27,828.44, up 321.73 points.