Bharti Airtel dips 2% in morning trade on bourses

Bharti Airtel dips 2% in morning trade on bourses 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).

Bureau Report