Bharti Airtel shares tank over 4%; market-cap dips Rs 4,652 cr
Mumbai: Bharti Airtel scrip on Wednesday fell over 4 percent as investor sentiment remained bearish after a Delhi court summoned as accused the company's Chairman Sunil Bharti Mittal in a case pertaining to allocation of additional spectrum to mobile operators.
The telecom major's scrip settled 4.18 percent lower at Rs 281.15 on the BSE. Intra-day, the scrip tanked 6 percent to Rs 275.55. Yesterday too, it had plunged about 5 percent.
Bharti was the biggest loser on the 30-share Sensex.
At NSE, the stock skid 2.91 percent to Rs 284.85.
Following the dip in the company's share price its market value plunged Rs 4,652 crore to Rs 1,06,767 crore.
A Delhi court yesterday summoned as accused Mittal, Essar Group promoter Ravi Ruia and five others in a case relating to alleged irregularities in allocation of additional spectrum to Airtel and Vodafone during the NDA regime.
Besides Mittal and Ruia, the court issued summonses against Asim Ghosh, who was the then Managing Director of accused firm Hutchison Max Telecom Pvt Ltd and former Telecom Secretary Shyamal Ghosh for April 11.
The CBI, in its charge sheet, has named the three telecom companies, including Bharti Cellular as accused in the case in which DoT had allegedly allocated additional spectrum resulting in a loss of Rs 846 crore to the exchequer.