Mumbai: Shares of telecom giant Bharti
Airtel Wednesday dipped as much as two per cent on the bourses
after market regulator SEBI revised takeover norms, which is
likely to have major ramification on its proposed deal with
South Africa`s MTN.
Shares of Bharti Airtel opened on a weak note on the
Bombay Stock Exchange and soon lost further ground to witness
an intra-day low of Rs 420, a dip of nearly two per cent from
its previous closing price.
Marketmen said the counter witnessed heavy selling in a
flat market as the revision in takeover norms are likely to
have major ramification on the fate of the proposed Bharti-MTN
deal, with both the parties still hammering out contentious
issues including an open offer.
On the National Stock Exchange, the stock opened at
Rs 430 and then declined further to its day`s low of Rs 421, a
fall of 1.76 per cent from its last close.
On the volume front, over 7.31 lakh shares exchanged
hands on the BSE as well as on the NSE.
As per the revised takeover norms, an open offer is
mandatory if 15 per cent stake is bought in a company through
securities including American Depository Receipts (ADRs) and
Global Depository Receipts (GDRs).