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Shares of Bharti Airtel fell by over 2 per cent on Thursday, amid Africa’s Econet Wireless seeking over $ 3.1 billion in damages in connection with the ownership of the Indian corporate giant’s Nigerian business.
Bharti Airtel stock settled for the day 2.59 per cent lower at Rs 338.35 on the BSE. During the intra-day day, the scrip had lost about 4 per cent.
Selling pressure dragged down the stock on the NSE also, where it closed at Rs 341.85, down 1.61 per cent from the last closing price.
African telecom firm, Econet’s, latest move follows a Nigerian court order of January 30, which said that Bharti Airtel’s ownership of its subsidiary, Airtel Nigeria, is “null and void” since Econet Wireless (EWL) was not consulted on the transfer of stake.
Econet Wireless Ltd (EWL) is the co—founder and 5 per cent share holder in the company now known as ‘Airtel Nigeria’
The broader market barometer Sensex ended nearly 67 points lower at 18,078.50.
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