Mumbai: Shares of Bharti Airtel fell by over 2 percent Thursday, amid Africa's Econet Wireless seeking over USD 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 percent lower at Rs 338.35 on the BSE. During the intra-day day, the scrip had lost about 4 percent.
Selling pressure dragged down the stock on the NSE also, where it closed at Rs 341.85, down 1.61 percent 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 percent share holder in the company now known as 'Airtel Nigeria'.
The broader market barometer Sensex ended nearly 67 points lower at 18,078.50.
PTI
First Published: Thursday, February 23, 2012, 10:48