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Bharti Airtel stock slips over 6% after Integrated Core Strategies sells 3.7 crore shares

Bharti Airtel share fell 6.46%  to Rs 521.10 against previous close of Rs 557.10 on NSE. The share has risen 1% in a year and climbed 4% since the beginning of this year

twitter-logoBusinessToday.In | March 1, 2021 | Updated 14:31 IST
Bharti Airtel stock slips over 6% after Integrated Core Strategies sells 3.7 crore shares
Stock of Bharti Airtel has fallen 8.62% in two sessions

Share of Bharti Airtel  slipped over 6% in trade today after Integrated Core Strategies (Asia) Pte Ltd sold 3,70,59,893 equity shares in the company at Rs 556.46 per share. Bharti Airtel share fell 6.46%  to Rs 521.10 against previous close of Rs 557.10 on NSE.

Stock of Bharti Airtel has fallen 8.62% in two sessions. Bharti Airtel  share trades higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages.

The share has risen 1% in a year and climbed 4% since the beginning of this year. It touched an intraday high of Rs 559.55 on BSE. Market cap of the firm fell to  Rs 2.88 lakh crore.

The telecom major will seek shareholders' nod on March 19 for issuance of about 3.64 crore equity shares to Lion Meadow Investment Ltd (LMIL) on a preferential basis to execute its deal for buying an additional 20 percent stake in its DTH arm Bharti Telemedia, according to a regulatory filing.

On February 4, the large cap share hit its all-time high of Rs 623 after the telco posted its earnings for quarter ended December 2020. Airtel stock touched an intraday high of Rs 623, rising 2.33% on BSE.

On February 3, the firm recorded highest ever consolidated quarterly revenues from India business in December quarter, on the back of strong customer addition.

The telecom major reported a consolidated net profit of Rs 853.6 crore in the October-December quarter of the ongoing financial year as against a net loss of Rs 1,035.3 crore in the year-ago period. The company had posted a net loss of Rs 763.2 crore in the preceding July-September quarter.

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