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Shares of Bharti Airtel slumped on stake sale by Qatari shareholder. The stock fell as much as 6.67 per cent to Rs 480, its fourth consecutive session of losses.
An affiliate of Qatar Foundation Endowment will sell its 5 per cent stake in Bharti Airtel Ltd for about Rs 9,500 crore ($1.46 billion) in block deals on Wednesday, according to a term sheet.
The affiliate, Three Pillars Pte Ltd, has put up about 199.9 million shares for sale in a price range of Rs 473-490 each, the term sheet showed. The price range is a discount of 4.7-8 per cent to the stock’s Tuesday closing price of Rs 514.35on the National Stock Exchange.
UBS is the handling the planned sale.
Bharti Airtel stock was the top loser on both NSE and BSE indexes. The stock posted the biggest intraday percentage fall since September 20.
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