Bharti Infratel share fell in early trade today after the telecom tower firm decided to push the deadline for completion of merger with Indus Towers by over two months till August 31.
Share price of Bharti Infratel fell 6.46% to Rs 218 against previous close of Rs 233 on BSE. The stock has fallen after 5 days of consecutive gain.
The stock opened with a loss of 4.93% at Rs 221.65 today. Bharti Infratel share trades higher than 5 day, 50 day and 100 day moving averages but lower than 20 day and 200 day moving averages.
The share has lost 17.73% in one year and fallen 12.73% since the beginning of this year.
Total 2.84 lakh shares changed hands amounting to turnover of Rs 6.32 crore on BSE.
In a BSE filing, Bharti Infratel said that its board met on Wednesday and took note of the status of scheme of arrangement between Indus and Bharti Infratel.
"Since the conditions precedent to be fulfilled for the scheme to become effective cannot be completed by the extended Long Stop Date that is June 24, 2020, the board of directors has further extended the Long Stop Date till August 31,2020, subject to agreement on closing adjustments and other conditions precedent for closing, with each party retaining the right to terminate and withdraw the scheme," the company said in a BSE filing.
The final decision to implement the scheme will be taken by the board keeping in mind the best interest of the company and its stakeholders, Bharti Infratel added.