Bharti Airtel share fell over 4% today as the telco said its board will consider fund raising on August 29. The large cap stock touched an intraday low of Rs 583.7, falling 4.69% on BSE. Later, it ended 4.18% lower at Rs 586.85 against previous close of Rs 612.45 on BSE. Bharti Airtel share has lost 5.73% in the last 3 days.
The stock was the top loser on both Sensex and Nifty today. On Nifty, the share closed 4.42% lower at Rs 585.40.
The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.
In one year, the stock has gained 14% and risen 15.23% since the beginning of this year.
"A meeting of the board of directors of the company is scheduled on August 29, 2021, to consider various capital raising options," company said in the release.
The board to consider capital raising options through equity or equity-linked debt instruments or any combination thereof including through rights issue, qualified institutions placement, preferential issue, convertible instruments issued domestically or foreign currency convertible bonds, or warrants on a preferential or marketed basis, or straight long dated debt in rupee or foreign currency or any other mode including any combination thereof, it added.
Amarjeet Maurya, AVP, Mid Caps at Angel Broking said,"Bharti Airtel Ltd stock is down 4% today, which provides a buying opportunity to long-term investors. In Q1FY22, Airtel has shown healthy revenue growth of 12% and adjusted profit growth of 102%. Going forward, we expect the telco to report healthy top-line and Bottom-line growth on the back of a strong brand, growth in customer additions, and improvement in average revenue per user (ARPU) due to an increase in tariffs rate . Hence, we are positive on stock."
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