Bharti Airtel drops 6 per cent on Zain talks
Shares of Bharti Airtel plunged over six per cent in the morning trade on the National Stock Exchange after the country's largest telecom firm said it has entered into exclusive talks with Zain Telecom for acquiring its operations.
SHARES OF Bharti Airtel plunged over six per cent on Friday in the morning trade on the National Stock Exchange after the country's largest telecom firm said it has entered into exclusive talks with Zain Telecom for acquiring its operations.
On the Bombay Stock Exchange shares of Bharti Airtel opened firm at Rs 318.70 but dropped nearly five per cent to a low of Rs 299.55 within minutes of opening.
On the National Stock Exchange, shares of Bharti Airtel witnessed heavy selling pressure and skid 6.18 per cent to a low of Rs 295.25.
On Thursday (February 18), the board of directors of Zain Group, formerly known as MTC, had unanimously approved the sale of the Group's assets in Africa to Bharti.
Following the approval, the Indian telecom operator said it has entered into exclusive talks with Zain to acquire Zain's African assets for USD 10.7 billion.
With the index heavy weight Bharti Airtel falling over six per cent, the broader market too came under pressure with the benchmark Nifty falling 0.30 per cent to 4812.05 points.
The Kuwait Stock Exchange (KSE), meanwhile, announced on Sunday (February 14), that it has suspended trading of Zain shares pending its decision on selling of its affiliate firm in Africa.
Shares of Bharti were later quoting at Rs 301.30, down 4.17 per cent over previous close on BSE.
On the National Stock Exchange, shares of Bharti Airtel witnessed heavy selling pressure and skid 6.18 per cent to a low of Rs 295.25.
On Thursday (February 18), the board of directors of Zain Group, formerly known as MTC, had unanimously approved the sale of the Group's assets in Africa to Bharti.
Following the approval, the Indian telecom operator said it has entered into exclusive talks with Zain to acquire Zain's African assets for USD 10.7 billion.
With the index heavy weight Bharti Airtel falling over six per cent, the broader market too came under pressure with the benchmark Nifty falling 0.30 per cent to 4812.05 points.
The Kuwait Stock Exchange (KSE), meanwhile, announced on Sunday (February 14), that it has suspended trading of Zain shares pending its decision on selling of its affiliate firm in Africa.
Shares of Bharti were later quoting at Rs 301.30, down 4.17 per cent over previous close on BSE.
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