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Bharti Airtel share price hits fresh 52-week high on nod to 100% FDI in telco

Following the update, Bharti Airtel share price rose 2.47% to hit a fresh 52-week high of Rs 524 on BSE.

twitter-logoBusinessToday.In | January 22, 2020 | Updated 10:28 IST
Bharti Airtel share price hits fresh 52-week high on nod to 100% FDI in telco
Shares of Bharti Airtel closed 0.40% higher at Rs 511.35 on Tuesday.

Bharti Airtel shares were the top gainers on BSE and NSE in early trade on Wednesday after the government allowed 100% FDI investment in the telecom major.

Following the update, Bharti Airtel share price rose 2.47% to hit a fresh 52-week high of Rs 524 on BSE. Volume-wise, 2 lakh and 78 lakh shares changed hands on BSE and NSE, respectively.

Shares of Bharti Airtel closed 0.40% higher at Rs 511.35 on Tuesday.

Bharti Airtel stock has gained 10.32% in the last 5 days. The stock trades higher than its 5, 20, 50, 100 and 200-day moving averages.

Bharti Airtel share price has gained nearly 10% in one week, 13% in one month and 83% in one year.

"Company has received the approval from Department of Telecommunications (DoT) vide its letter dated January 20, 2020, for increasing the limit of foreign investment up to 100% of the paid-up capital," the firm said.

It may also be noted that subject to applicable laws, the aforesaid approval read together with the RBI approval dated July 03, 2014, granted to the company allows the FPls/FIIs to invest up to 74% of the paid-up capital, the filing added.

Edited by Rupa Burman Roy

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